Peapack Private Bank & Trust has appointed Michael Madonia as a Senior Managing Director in its Commercial and Industrial Lending Division, a strategic move to bolster its leadership team in the competitive New York City banking landscape. Based at the bank's Park Avenue location, Madonia brings over two decades of banking expertise, with a focus on client development and relationship management. His appointment signals Peapack's intensified focus on expanding its commercial banking footprint in the region, aiming to capture a larger share of the metropolitan market.
Madonia's professional background includes a significant tenure as a Senior Vice President Director at Amalgamated Bank, where he was instrumental in developing the business banking segment. Prior to that, he served as SVP, Business Banking Team Leader at M&T Bank in Tarrytown, NY, leading teams across Westchester and Fairfield counties. This experience equips him with a nuanced understanding of the local business environment, which is crucial for tailoring financial solutions to meet the diverse needs of New York-area enterprises. His role is expected to directly impact the bank's commercial loan and deposit portfolio, driving growth through enhanced client relationships and strategic lending initiatives.
The implications of this hire extend beyond immediate business growth, as it aligns with Peapack-Gladstone Financial Corporation's broader expansion strategy. The organization, with total assets of $7.0 billion and assets under management of $11.9 billion as of December 31, 2024, emphasizes a client-centric approach, and Madonia's appointment reinforces this commitment. His expertise in relationship management is poised to strengthen the bank's market presence, potentially increasing its competitiveness against larger financial institutions in the area. This move could lead to more tailored financial products and services for local businesses, fostering economic activity in the region.
Madonia's community engagement, including his role as Executive Vice President for ArtsWestchester, adds a non-profit dimension to his profile, highlighting the interconnectedness of business and community support in New York City. His academic credentials, including an MBA from Pace University's Lubin School of Business, further underscore his qualifications for navigating complex financial landscapes. For Peapack, this hire represents a calculated investment in leadership that blends professional acumen with local insight, positioning the bank to better serve the evolving needs of the metro area's commercial sector while contributing to its long-term stability and growth.
