Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced a strategic move to enhance its commercial banking capabilities in New York City. The company's Peapack Private division has appointed Vanessa Tortorice as Senior Managing Director, a decision that underscores the bank's commitment to expanding its presence in the competitive New York market.
Tortorice brings 12 years of financial services experience to her new role, where she will focus on growing Peapack Private's commercial and industrial business. Her appointment is significant for the bank's expansion strategy, as it seeks to capitalize on the lucrative New York market and provide tailored banking solutions to high-net-worth clients and businesses.
Prior to joining Peapack Private, Tortorice held key positions at M&T Bank and Capital One, where she consistently demonstrated her ability to manage high-value client portfolios and drive revenue growth. Her track record of exceeding targeted loan and deposit growth objectives, coupled with her expertise in relationship management, positions her as a valuable asset for Peapack Private's growth ambitions.
This strategic hire comes at a time when Peapack-Gladstone Financial Corporation is showing strong financial performance, with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024. The addition of Tortorice to the New York team is expected to further strengthen the bank's market position and contribute to its continued growth trajectory.
For businesses and high-net-worth individuals in New York, Tortorice's appointment signals Peapack Private's intensified focus on providing sophisticated banking solutions and personalized service. Her expertise in fostering client relationships and driving cross-functional collaboration aligns with the bank's client-centric approach, potentially leading to enhanced financial services offerings in the region.
As the financial services landscape continues to evolve, Peapack Private's investment in top talent reflects the broader industry trend of banks strengthening their commercial banking divisions to compete effectively in major financial centers. This move may prompt other regional banks to reassess their strategies for penetrating competitive markets like New York City.
The appointment of Vanessa Tortorice as Senior Managing Director at Peapack Private's New York office represents a significant step in the bank's growth strategy. It underscores the importance of experienced leadership in driving commercial banking success and highlights the competitive nature of talent acquisition in the financial services sector, particularly in key markets like New York City.
