Peapack Private Bank & Trust Expands Commercial Real Estate Team with Key Hire

Peapack Private Bank & Trust has strengthened its Commercial Real Estate team by hiring Nicholas LaMorte as a Senior Managing Director. LaMorte brings more than two decades of real estate finance expertise to the role, with a proven track record of developing substantial commercial loan portfolios. This move is significant as it directly supports the bank's growth objectives in a competitive financial landscape. The hiring demonstrates a focused investment in specialized talent to drive business expansion and enhance service offerings to clients in the commercial real estate sector.

Prior to joining Peapack, LaMorte served as Senior Vice President and Group Director at Signature Bank, where he successfully sourced, negotiated, and underwrote loans across various property types. During his tenure, he organically developed a commercial real estate portfolio with aggregate loan balances approaching $3.8 billion. This experience is crucial because it provides Peapack with immediate access to proven capabilities in loan origination and portfolio management, which are essential for scaling operations. His background suggests he can replicate similar success in new markets, potentially increasing the bank's market share and revenue streams.

LaMorte's primary responsibilities will include cultivating the bank's presence in new markets, increasing loan production, and expanding the Commercial Real Estate portfolio. A graduate of Pace University's Lubin School of Business with a Bachelor of Administration in Finance, he brings extensive knowledge of credit and depository needs in the New York Metropolitan area. This matters because it positions Peapack to better serve clients in a key economic region, leveraging local insights to tailor financial solutions. The strategic alignment of his skills with the bank's goals underscores a deliberate approach to growth, rather than mere expansion for its own sake.

This strategic hiring reflects Peapack-Gladstone Financial Corporation's commitment to growth and client-focused banking services. With total assets of $7.0 billion and assets under management of $11.9 billion as of December 31, 2024, the bank continues to position itself as a comprehensive financial services provider. The implications of this announcement extend beyond a single hire; it signals Peapack's intent to compete more aggressively in commercial real estate lending, a sector that often drives profitability for banks. By adding LaMorte's expertise, the bank may enhance its risk management and underwriting processes, potentially leading to more sustainable growth. For clients, this could mean access to more sophisticated financing options and personalized service, reinforcing Peapack's reputation as a trusted partner in complex financial transactions. The move also highlights the importance of talent acquisition in the banking industry, where experienced professionals can directly influence a firm's strategic direction and operational success.