Former executive of The First Republic takes leadership role in New York City operations of a New Jersey bank
Peapack-Gladstone Bank and Peapack Private Expand Presence in New York City
Peapack-Gladstone Bank and its subsidiary, Peapack Private, are making a significant move into the New York City market. The financial institutions have been actively recruiting from the tri-state area, including hiring several executives with extensive experience in the industry.
Jeanne Scungio, a former executive at First Republic Bank, has joined Peapack Private as President. Scungio, who also held senior roles at U.S. Trust Co., Citi, and Chase Manhattan, expressed her excitement about joining the team. Scungio believes the expansion of Peapack Private into NY will be well received, and she expects the new team to make an impact in the New York market.
Christopher Tomai, another former First Republic executive, has joined Peapack Private as senior managing director and senior relationship manager. Tomai's appointment was announced this week. The team of private banking professionals being assembled by Peapack Private is expected to be formidable, according to Peapack-Gladstone CEO Doug Kennedy. Kennedy believes Peapack Private's client-centric focus will be welcomed in the New York City market.
The move comes at a time when the New York City banking sector is experiencing some changes. The dissolution of Signature Bank and First Republic has created an opportunity for Peapack Private to move into the market. Citizens Bank, another player in the industry, is also aiming to expand its presence in New York, Boston, and Florida by hiring approximately 50 former senior private bankers from First Republic last month.
However, Peapack-Gladstone Bank awaits regulatory approval to open its New York office. There is no publicly available information about which institutions the bank has currently hired in New York City for opening an office prior to regulatory approval.
Scungio believes that the expansion of Peapack Private into NY will be a positive development for the New York market. She believes the new team will bring a fresh perspective and a strong commitment to client service. As the banking landscape continues to evolve, it will be interesting to see how Peapack Private's expansion unfolds.
