Peapack-Gladstone Financial Corporation (NYSE: PGC) stock traded at $45.35, down 1.11%, following the announcement that the bank has named Leonard Carraturo as Senior Managing Director and Commercial Private Banker. The appointment is intended to support the company's commercial banking expansion and long-term relationship banking strategy.

Peapack Private Adds Commercial Banking Veteran

Leonard Carraturo joined Peapack Private Bank & Trust bringing more than two decades of commercial banking experience to the role. He will be responsible for providing lending and banking solutions for middle-market businesses across multiple industries, as well as supporting acquisitions, capital investments, treasury management, and long-term financing needs. Middle-market commercial lending—typically serving companies with roughly $10 million to $1 billion in revenue—is a competitive segment where regional and boutique banks increasingly seek to grow loan portfolios and fee-based services by attracting seasoned relationship managers.

The appointment strengthens the bank's commercial banking division and broadens its advisory capabilities. Carraturo brings expertise across commercial and industrial lending, sponsor finance, healthcare finance, and asset-based lending, along with a background in treasury management and long-term client relationship development.

Senior Managing Director Dawn Kasulke said Carraturo's experience and market presence strengthen the bank's commercial banking platform. She added that his knowledge supports the delivery of financial solutions for businesses and communities, and that the appointment reflects the company's relationship-focused banking model.

Carraturo Brings Broad Commercial Banking Experience

Prior to joining Peapack Private, Carraturo served as Vice President and Commercial Banking Relationship Manager at Metropolitan Commercial Bank, where he managed relationships with middle-market companies, healthcare organizations, family offices, and private equity-backed businesses. He also originated financing solutions covering acquisitions, working capital, leveraged cash flow, commercial real estate, and revolving credit facilities.

Before that, Carraturo held the position of Vice President and Business Development Officer for Asset-Based Lending at Webster Bank. In that role, he developed relationships with private equity sponsors, investment banking professionals, and family offices, expanding lending portfolios across healthcare, manufacturing, distribution, and business services sectors.

His earlier banking career included positions at Wells Fargo, Community Mutual Savings Bank, JPMorgan Chase, Moody's Investors Service, and Bear Stearns. Those roles strengthened his experience in underwriting, credit analysis, relationship management, and commercial lending. Carraturo holds a bachelor's degree from Iona College.

Appointment Supports Long-Term Growth Strategy

Peapack-Gladstone Financial Corporation continues to strengthen its commercial banking leadership team through the addition of experienced industry professionals. The latest appointment aligns with the company's strategy of serving businesses through customized financial services and supports broader efforts to expand relationships across key commercial markets. For banks of PGC's size, adding senior commercial bankers with established client portfolios is a common growth lever, as new hires can bring recurring lending relationships and cross-selling opportunities across treasury and wealth management lines.

Peapack Private Bank & Trust operates as a boutique private bank serving individuals, families, business owners, family offices, and professional advisors. The institution combines lending, wealth management, investment banking, and trust services under a relationship-based model, with each client working alongside a dedicated relationship manager who coordinates specialized financial solutions.

As of March 31, 2026, Peapack-Gladstone Financial Corporation reported $7.7 billion in total assets. The company also managed or administered $13.1 billion in client assets through its wealth management business. Founded in 1921, the New Jersey-based banking group continues to expand its commercial banking platform while maintaining its focus on personalized financial services.