Peapack Private Bank Appoints Sonia Lugo to Lead Long Island Commercial Banking Expansion

Peapack Private Bank & Trust has appointed Sonia Lugo as a Senior Managing Director to spearhead its commercial banking expansion into Long Island. Lugo brings more than 20 years of financial services expertise to her new role, where she will lead a team of relationship managers in supporting the bank's strategic growth objectives. Her appointment underscores Peapack-Gladstone Financial Corporation's commitment to strategic growth and talent acquisition.

Prior to joining Peapack Private, Lugo held significant leadership positions at prominent financial institutions. At Flagstar Bank, formerly Signature Bank, she served as a vice president and group director, successfully building and managing a commercial portfolio exceeding $130 million. Her previous roles at HSBC Bank USA and Banco Popular further demonstrate her prowess in commercial banking, where she developed new business and managed portfolios ranging from $42 million to $58 million. This extensive background in managing diverse commercial portfolios across multiple financial institutions provides her with unique insights into regional banking dynamics.

With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, the bank continues to expand its market presence through strategic hires like Lugo. Her experience in commercial banking, combined with a track record of portfolio management and business development, positions her as a critical asset in Peapack Private Bank's Long Island expansion strategy. The bank's parent company, Peapack-Gladstone Financial Corporation, details its financial standing and strategic direction on its official website at https://www.pgbank.com.

A graduate of the University of Puerto Rico in Arecibo, Lugo represents the bank's dedication to leveraging diverse talent to drive innovation and growth in the competitive financial services landscape. Her appointment matters because it signals a targeted expansion into a key regional market, Long Island, which is a significant economic hub. This move allows Peapack Private Bank to tap into new commercial client bases and compete more effectively with established regional players. The implications include potential market share growth, increased commercial lending activity, and enhanced service offerings for businesses in the region, which could stimulate local economic development. For more information on the bank's commercial services, visit https://www.pgbank.com/commercial-banking.