BEDMINSTER, NJ, Sept. 30, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces its entry into the life insurance premium financing business with the addition of a team of experts who joined Peapack-Gladstone Bank to establish a presence in the space.
With loans tailored to each borrower’s unique situation, life insurance premium financing solutions enable high net worth clients and businesses to obtain the life insurance they need, while preserving their assets for others. investment opportunities. These specialized finance loans are an invaluable tool for those looking to leverage their wealth and free up capital.
“Financing life insurance premiums is a lucrative business,” said Doug Kennedy, president and CEO of Peapack-Gladstone Bank. “We believe this is the next logical step in our growth plan, one that serves the level of customer base that we have been building for many years.”
The Bank hired Raymond Kim, a resident of Holmdel, NJ, to lead the new division as senior managing director and president. Raymond is responsible for the development of the new vertical and the introduction of this sophisticated and specialized financing solution to the Bank’s wealthy clientele. Raymond has over 15 years of experience as Assistant General Counsel and Vice President of Wintrust Life Finance, a division of Lake Forest Bank & Trust Company, NA, the largest premium finance specialty lender in North America. . At Wintrust, Raymond managed the day-to-day operations of the legal department where he provided a wide range of corporate legal advice for numerous technical, business and operational units. Additionally, Raymond acted as a strategic advisor to senior management on transactional, regulatory and insurance matters and was responsible for drafting and negotiating contracts related to over $7 billion in origination. Prior to joining Wintrust Life Finance in 2018, Raymond was an associate attorney for several leading law firms, including Norris, McLoughlin & Marcus, PA, Sandelands Eyet, LLP and Parker McCay, PA, where he specialized in complex commercial litigation and banking and financial services. In previous years, Raymond also served the NJ Superior Court and the NJ Courts Administrative Office as a foreclosure and judicial law clerk.
He graduated from Binghamton University with a bachelor’s degree in philosophy, politics and law. Raymond earned his Juris Doctor degree from Rutgers School of Law, where he was both a Marshall-Brennan Constitutional Fellow and a Horace & Kate King Wu Public Interest Fellow and received the Dean’s Pro Bono Award for Exceptional Service. Additionally, Raymond is a former director of the Asian Pacific Lawyers Association of New Jersey and is currently participating in the highly selective 2022 cohort of the National Asian Pacific Bar Association Leadership Advancement Program. Raymond continues to keep his law license active and is admitted in New Jersey, New York, the Court of Appeals for the District of Columbia and the United States District Court for the District of New Jersey.
Joining Raymond in building the business is Anthony LoScalzo, a resident of Fort Lee, NJ, who was named Senior Managing Director and Chief Operating Officer of the Bank’s newest division. With over 20 years of experience, Anthony is widely regarded as an expert in the area of life insurance premium financing, with a proven track record and market knowledge that will give the Bank a huge advantage. He joins the Bank from Wintrust Life Finance where as an initial member of the division he served as Senior Lending Manager for New Business Development, partnering with high net worth clients to underwrite finance loans of corporate and personal life insurance premiums and administer analyzes of life insurance illustrations and financial statements, managing communications with clients throughout the loan life cycle. As a key member of the Wintrust team, he helped grow the company’s portfolio from $1 billion in assets to over $7 billion. Prior to his Wintrust experience, Anthony spent seven years with AI Credit Corp (AIG) in various account management roles responsible for all phases of loan processing for high net worth clients. As COO of the Life Insurance Premium Finance division, Anthony will lead all operational aspects and related capabilities for the Bank.
“Anthony and I are thrilled to represent the Bank in this space,” said Raymond Kim. “Premium financing is an extremely valuable tool for high net worth clients looking to maximize their life insurance assets. We are confident that offering this solution will benefit the Bank’s customers and significantly improve the Bank’s comprehensive private banking service model.
About the company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.2 billion and assets under management and/or administration of $9.5 billion as of June 30, 2022. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, to businesses and individuals. Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, trust and investment advice and solutions to individuals, families, private businesses, family offices and non-profit organisations, that help them establish, maintain and grow their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to customer service. Visit www.pgbank.com and www.peapackprivate.com for more information.