Peapack-Gladstone Financial Corporation Expands into Long Island Market with Strategic Office Locations

Peapack-Gladstone Financial Corporation is advancing its expansion strategy by targeting the Long Island market with new office locations and a focused growth approach. The bank has secured temporary commercial space at 175 Broadhollow Road in Melville and received board approval to pursue permanent retail space at 1010 Franklin Avenue in Garden City. This expansion matters because it represents a deliberate effort to extend the bank's commercial business and provide direct access to private banking services for regional clients who previously lacked this specialized offering from the institution.

President and CEO Doug Kennedy emphasized the strategic importance of this expansion, describing Long Island as a natural progression for the bank's growth plans. The move has significant implications for the regional financial services landscape, as it introduces a new competitor with substantial resources and a specialized private banking model. With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, Peapack-Gladstone Financial Corporation brings considerable financial strength to its Long Island market entry, potentially disrupting existing competitive dynamics.

Andrew Corrado, President of Peapack Private's New York office, highlighted the bank's competitive positioning in the market. Having established a strong presence in New York City, the institution is now positioning itself to introduce its unique private banking model to Long Island clients. This expansion is bolstered by recent key personnel additions, including Joseph Fingerman as President of the Commercial Real Estate division. Fingerman and his team will focus on covering the New York metro area, including Long Island, which supports the bank's growth objectives and enhances its ability to serve commercial clients throughout the region.

The bank's client-centric approach encompasses comprehensive wealth management, investment banking, commercial, and personal banking solutions. This strategic expansion reflects the bank's commitment to providing high-quality, customized financial services to individuals, businesses, and organizations. By establishing a presence in Long Island, Peapack Private Bank & Trust aims to leverage its successful business model and attract new clients seeking personalized banking experiences. The implications extend beyond immediate business growth, potentially setting new service standards in the regional market and prompting competitive responses from established financial institutions. More information about the company's services can be found at https://www.peapackprivate.com.