New Peapack Private Bank location in Long Island, designed to serve local residents.
Peapack-Gladstone Financial Corporation is launching a new location for its subsidiary, Peapack Private Bank & Trust, in Long Island. This expansion addresses the need for personalized financial solutions after regional bank failures. Operating temporarily at 175 Broadhollow Road in Melville, the bank plans to establish a permanent location pending regulatory approval. With a robust team to support this effort, Peapack aims to connect with Long Island’s affluent residents and fill the void left by bank closures earlier this year.
Melville, NY – Following the banking sector disruptions in 2023, Peapack-Gladstone Financial Corporation is expanding its reach by launching a new location for its subsidiary, Peapack Private Bank & Trust, in Long Island. This strategic expansion is aimed at addressing the demand for personalized financial solutions among Long Island residents, who have found themselves with fewer banking options due to several regional bank failures earlier this year.
The new office will operate from temporary commercial space located at 175 Broadhollow Road in Melville, with plans for a permanent establishment underway at that location as well as 1010 Franklin Avenue in Garden City, both pending regulatory approval. This move represents a calculated effort by the bank to fill the void left by significant banking institutions like Signature Bank, First Republic Bank, and Silicon Valley Bank, which all faced closure in 2023.
Long Island is recognized as one of the wealthiest areas in the United States, making it a prime location for Peapack Private Bank & Trust’s expansion strategy. Doug Kennedy, the bank’s President and CEO, noted that expanding services to Long Island is a natural progression for the bank’s growth strategy, allowing them to connect more directly with potential clients in the area. The bank has successfully established itself in the New York market, having recently opened a Financial Center in mid-town Manhattan at 300 Park Avenue, which incorporates extensive commercial and retail space along with office facilities for its New York commercial banking division.
Peapack Private Bank & Trust has built a robust team to support this expansion, now including private banking professionals such as Peter Clemente, Nancy Foran-Pinzon, Tim Juliano, Sonia Lugo, Assimina “Mina” Nikiforos, Stephen Reinhardt, and Bruce Watterson. This team is expected to leverage their expertise to cater to the unique needs of Long Island clients.
As of March 31, 2025, Peapack-Gladstone Financial Corporation has reported total assets of $7.1 billion and manages approximately $11.8 billion. The bank has demonstrated remarkable financial stability, reporting a net income of $33 million in 2023 despite rising interest rates. The expansion aligns with the bank’s broader growth strategy and their ability to create exceptional banking experiences, as evidenced by their Net Promoter Score of 81, which is comparable to well-known luxury brands.
Peapack Private Bank & Trust not only offers commercial banking and personal banking solutions but also provides comprehensive wealth management services, including financial, tax, fiduciary, and investment advice tailored to families, privately held businesses, family offices, and non-profit organizations. This holistic approach makes them well-equipped to serve the affluent population of Long Island.
The move to Long Island comes after significant successes in their recent endeavors in New York City. At their Manhattan location, the bank has seen deposits soar to $948 million by year’s end, surpassing their target of $450 million. The success in their current operations corresponds with the bank’s strategic aim to expand its footprint and to support more customers through its client-centric culture.
Founded in 1921 in Somerset Hills, New Jersey, Peapack Private Bank & Trust’s growth and outreach reflect its commitment to providing value-added banking solutions in a trusted environment. The bank has been recognized as one of Crain’s Best Places to Work in New York City for 2024, highlighting its strong workplace culture and dedication to employee and client satisfaction.
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