Peapack-Gladstone sets sights on New York City

Peapack-Gladstone Bank in Bedminster, New Jersey, is expanding into New York City with the aim of taking advantage of the market turmoil this year. 

The $6.4 billion-asset bank said it plans to open a location in New York City and has hired Jeanne Scungio, who oversaw First Republic Bank's New York City operations for almost two decades, to serve as president of Peapack Private's New York office. Peapack Private is the bank's wealth management subsidiary and manages $10.4 billion of assets. Peapack-Gladstone has more than a dozen offices in New Jersey. 

"With the recent changes to the New York City banking landscape, we believe our brand of private banking will be well received by the market," said Doug Kennedy, president and CEO of Peapack-Gladstone, in a press release on Thursday. 

A number of banks, including BankUnited in Miami Lakes, Florida, and Five Star Bancorp in Roseville, California, have scrambled to take advantage of three large regional bank failures this year by luring away staff and landing new clients. First Republic, a San Francisco bank that focused on wealthier customers, failed in May. JPMorgan Chase purchased substantially all of its assets. Signature Bank in New York had roughly 40 locations in five states before it failed in March. New York Community Bancorp purchased about $38 billion of its assets. Silicon Valley Bank also failed in March and most of its assets were purchased by First Citizens BancShares. 

"As a well-known New Jersey-based boutique financial institution, I expect the expansion for Peapack Private into [New York] will be well received," Scungio said in the press release. "The team of private banking professionals we are assembling to compete in this market will be formidable and will make an impact."

Prior to her role at First Republic, Scungio held similar positions leading private banking divisions at large banks, including U.S. Trust Company, Citibank and Chase Manhattan Bank. 

Her focus on "providing customized client solutions that include credit, investment, specialized asset management and depository services" aligns with Peapack-Gladstone's business model that provides a "single point of contact client service," according to the release.