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 as the bank continues to expand its market presence through key hires.
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 portfolio management and business development positions her as a critical asset in Peapack Private Bank's Long Island expansion strategy.
With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, Peapack-Gladstone Financial Corporation maintains a strong financial position to support its expansion initiatives. The bank's strategic growth objectives are detailed in its corporate communications at https://www.peapackprivate.com. Lugo's background in managing diverse commercial portfolios across multiple financial institutions provides her with unique insights into regional banking dynamics, which will be essential for navigating the competitive Long Island market.
Lugo's appointment represents the bank's dedication to leveraging diverse talent to drive innovation and growth in the competitive financial services landscape. As a graduate of the University of Puerto Rico in Arecibo, she brings valuable perspective to the organization. The bank's expansion into Long Island represents a significant strategic move that could reshape regional banking competition and provide new commercial banking options for businesses in the area. More information about the bank's services and approach can be found at https://www.peapackprivate.com/commercial-banking.
