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. 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.

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 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.

Lugo's background in managing diverse commercial portfolios across multiple financial institutions provides her with unique insights into regional banking dynamics. 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 Peapack Private Bank's aggressive push into the Long Island market, a strategic move that could reshape local banking competition and provide businesses with new financial partnership opportunities. The implications include potential market share shifts, increased commercial lending options for Long Island businesses, and heightened competition among regional banks vying for commercial clients in this economically significant area.