Peapack Private Bank & Trust has appointed Michael Madonia as a Senior Managing Director in its Commercial and Industrial Lending Division, a strategic move that strengthens the bank's leadership and positions it for expansion in the competitive New York market. This appointment matters because it directly addresses the bank's goal of growing its commercial loan and deposit portfolio in the New York metropolitan area, leveraging Madonia's 22 years of specialized experience. His hiring signals a focused investment in relationship-driven commercial banking at a time when Peapack-Gladstone Financial Corporation is expanding its services, with total assets of $7.0 billion and assets under management of $11.9 billion as of December 31, 2024.
Based at the bank's New York City Park Avenue location, Madonia brings a proven track record from senior roles at major regional banks, most recently as a Senior Vice President Director at Amalgamated Bank, where he was responsible for building the business banking segment. His prior experience as SVP, Business Banking Team Leader at M&T Bank in Tarrytown, NY, involved leading a team across Westchester and Fairfield counties, giving him deep insight into the local business landscape. This background is crucial for Peapack, as his understanding of client development and relationship management aligns with the organization's client-centric approach to banking and comprehensive financial solutions.
The implications of this announcement extend beyond a single hire, reflecting a broader strategy to enhance market presence through seasoned leadership. Madonia's expertise in business banking is expected to contribute significantly to strategic goals, particularly in cultivating commercial relationships that drive portfolio growth. His community engagement, including serving on the Board of Directors as Executive Vice President for ArtsWestchester, further supports the bank's integration into local networks, which can facilitate client acquisition and retention. This community involvement complements his academic credentials, which include an MBA in Financial Management from Pace University's Lubin School of Business and a Bachelor of Science degree from the SUNY Geneseo Jones School of Business.
For Peapack Private Bank & Trust, this appointment underscores a commitment to leveraging top talent to navigate the complexities of the New York banking environment. By bringing in a leader with Madonia's background, the bank aims to capitalize on opportunities in commercial and industrial lending, a sector that requires nuanced understanding and strong client relationships. The move is important as it may enhance the bank's competitiveness against larger institutions, potentially leading to increased market share and financial performance. Ultimately, Madonia's role is poised to impact the bank's trajectory by fostering growth through strategic client partnerships and operational excellence.
