Peapack Private Bank Appoints Sonia Lugo to Lead Long Island Commercial Banking Expansion

Peapack Private Bank & Trust has appointed Sonia Lugo as a Senior Managing Director to spearhead its commercial banking expansion into Long Island. Lugo brings more than 20 years of financial services expertise to her new role, where she will lead a team of relationship managers in supporting the bank's strategic growth objectives. This move signals Peapack Private Bank's aggressive push into the Long Island market, a region with significant commercial banking potential that remains highly competitive among regional and national financial institutions.

Prior to joining Peapack Private, Lugo held significant leadership positions at prominent financial institutions. At Flagstar Bank, formerly Signature Bank, she served as a vice president and group director, successfully building and managing a commercial portfolio exceeding $130 million. Her previous roles at HSBC Bank USA and Banco Popular further demonstrate her prowess in commercial banking, where she developed new business and managed portfolios ranging from $42 million to $58 million. This extensive background in portfolio management and business development provides Lugo with the practical experience needed to navigate Long Island's diverse commercial landscape, which includes everything from small family-owned businesses to mid-market corporations.

Lugo's appointment underscores Peapack-Gladstone Financial Corporation's commitment to strategic growth and talent acquisition. With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, the bank continues to expand its market presence through strategic hires like Lugo. For the New York City metro area's financial ecosystem, this expansion represents increased competition for commercial banking services, potentially leading to more tailored financial products and services for Long Island businesses. The move also highlights the ongoing consolidation and strategic repositioning within the regional banking sector following recent industry turbulence.

Her extensive experience in commercial banking, combined with a track record of portfolio management and business development, positions her as a critical asset in Peapack Private Bank's Long Island expansion strategy. Lugo's background in managing diverse commercial portfolios across multiple financial institutions provides her with unique insights into regional banking dynamics. This expertise is particularly valuable as businesses in the New York metro area navigate economic uncertainty, with many seeking more personalized banking relationships and specialized financial solutions that larger national banks may not provide.

A graduate of the University of Puerto Rico in Arecibo, Lugo represents the bank's dedication to leveraging diverse talent to drive innovation and growth in the competitive financial services landscape. The appointment matters because it demonstrates how regional banks are strategically investing in experienced leadership to capture market share in key geographic areas. For Long Island businesses, this expansion could mean increased access to specialized commercial banking services, potentially stimulating local economic development through improved access to capital and financial expertise. The success of this expansion will likely influence how other regional banks approach market growth strategies in the densely competitive New York metropolitan banking environment.