BEDMINSTER, NJ, Sept. 30, 2022 (GLOBE NEWSWIRE) — by way of NewMediaWire – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) broadcasts its entrance into the life insurance premium finance business with the addition of a staff of consultants who’ve joined Peapack-Gladstone Bank to construct a presence in the house.
With loans tailor-made to every borrower’s specific circumstance, life insurance premium financing options allow high-net-worth purchasers and companies to acquire the life insurance they want, whereas retaining their belongings for different funding alternatives. These specialty finance loans are a useful software for these seeking to leverage wealth and unlock capital.
“Life insurance premium finance is a lucrative business,” stated Doug Kennedy, President and Chief Executive Officer at Peapack-Gladstone Bank. “We believe it is the next logical step in our growth plan, one that serves the level of client we have been building for many years.”
The Bank has employed Raymond Kim, a resident of Holmdel, NJ, to steer the new division as Senior Managing Director and President. Raymond is accountable for growing the new vertical and introducing this subtle, specialty financing resolution to the Bank’s high-net-worth consumer base. Raymond has over 15 years of expertise working most just lately as Assistant General Counsel and Vice President for Wintrust Life Finance, a Division of Lake Forest Bank & Trust Company, N.A., the largest specialty premium finance lender in North America. At Wintrust, Raymond managed the day-to-day operations of the authorized division the place he supplied a broad vary of company authorized recommendation for quite a few technical, business, and operational models. Additionally, Raymond acted as a strategic advisor to government management in transactional, regulatory, and insurance points and was accountable for drafting and negotiating contracts related with over $7 billion in origination. Prior to becoming a member of Wintrust Life Finance in 2018, Raymond was an Associate Attorney for a number of main regulation corporations, together with Norris, McLoughlin & Marcus, P.A., Sandelands Eyet, LLP, and Parker McCay, P.A., the place he specialised in advanced industrial litigation and banking and monetary providers. In earlier years, Raymond additionally served the Superior Court of NJ and the NJ Administrative Office of the Courts as each a Foreclosure and Judicial Law Clerk.
He is a graduate of Binghamton University with a B.A. in Philosophy, Politics, and Law. Raymond obtained his Juris Doctor diploma from Rutgers School of Law, the place he was each a Marshall-Brennan Constitutional Fellow and Horace & Kate King Wu Public Interest Fellow and was awarded 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 at present taking part in the extremely selective 2022 cohort of the National Asian Pacific Bar Association Leadership Advancement Program. Raymond continues to maintain his regulation license energetic and is admitted in New Jersey, New York, the District of Columbia Court of Appeals, and the U.S. District Court for the District of New Jersey.
Joining Raymond in constructing the business is Anthony LoScalzo, a resident of Fort Lee, NJ, who has been named Senior Managing Director and Chief Operating Officer of the latest division of the Bank. With over 20 years of expertise, Anthony is often considered an professional in the discipline of life insurance premium finance, with a confirmed monitor report and data of the market that may give the Bank an amazing benefit. He joins the Bank from Wintrust Life Finance the place, as an preliminary member of the division, he served as a Senior Loan Officer for new business improvement, partnering with high-net-worth purchasers to underwrite company and private life insurance premium finance loans and administer analyses of life insurance illustrations and monetary statements, managing consumer communications all through mortgage lifecycles. As a key member of the Wintrust staff he helped develop the firm’s portfolio from $1 billion in belongings to over $7 billion. Prior to his Wintrust expertise, Anthony spent seven years with AI Credit Corp (AIG) serving in numerous account administration roles, accountable for all phases of mortgage processing for high-net- price purchasers. As COO of the Life Insurance Premium Finance division, Anthony will lead all associated operational points and capabilities for the Bank.
“Anthony and I are excited to represent the Bank in this space,” stated Raymond Kim. “Premium financing is an extremely valuable tool for affluent clients looking to maximize their life insurance assets. We believe offering this solution will benefit the Bank’s client base, and greatly enhance the Bank’s comprehensive private banking service model.”
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey financial institution holding firm with complete belongings of $6.2 billion and belongings beneath administration and/or administration of $9.5 billion as of June 30, 2022. Founded in 1921, Peapack-Gladstone Bank is a industrial financial institution that gives revolutionary wealth administration, funding banking, industrial and retail options, to companies and shoppers. Peapack Private, the Bank’s wealth administration division, presents complete monetary, tax, fiduciary and funding recommendation and options, to people, households, privately held companies, household workplaces and not-for-profit organizations, which assist them to ascertain, keep and increase their legacy. Together, Peapack-Gladstone Bank and Peapack Private provide an unparalleled dedication to consumer service. Visit www.pgbank.com and www.peapackprivate.com for extra info.
