Peapack-Gladstone Bank Hires Team for Newest Move Into the Life Insurance Premium Finance Business
BEDMINSTER, NJ, Sept. 30, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces its entrance into the life insurance premium finance business with the addition of a team of experts who have joined Peapack-Gladstone Bank to build a presence in the space.
With loans tailored to each borrower’s particular circumstance, life insurance premium financing solutions enable high-net-worth clients and corporations to obtain the life insurance they need, while retaining their assets for other investment opportunities. These specialty finance loans are an invaluable tool for those looking to leverage wealth and free up capital.
“Life insurance premium finance is a lucrative business,” said 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 hired Raymond Kim, a resident of Holmdel, NJ, to lead the new division as Senior Managing Director and President. Raymond is responsible for developing the new vertical and introducing this sophisticated, specialty financing solution to the Bank’s high-net-worth client base. Raymond has over 15 years of experience working most recently 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 legal department where he provided a broad range of corporate legal advice for numerous technical, business, and operational units. Additionally, Raymond acted as a strategic advisor to executive leadership in transactional, regulatory, and insurance issues and was responsible for drafting and negotiating contracts connected with 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, P.A., Sandelands Eyet, LLP, and Parker McCay, P.A., where he specialized in complex commercial litigation and banking and financial services. In earlier years, Raymond also served the Superior Court of NJ and the NJ Administrative Office of the Courts as both a Foreclosure and Judicial Law Clerk.
He is a graduate of Binghamton University with a B.A. in Philosophy, Politics, and Law. Raymond received his Juris Doctor degree from Rutgers School of Law, where he was both 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 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 District of Columbia Court of Appeals, and the U.S. District Court for the District of New Jersey.
Joining Raymond in building the business is Anthony LoScalzo, a resident of Fort Lee, NJ, who has been named Senior Managing Director and Chief Operating Officer of the newest division of the Bank. With over 20 years of experience, Anthony is commonly regarded as an expert in the field of life insurance premium finance, with a proven track record and knowledge of the marketplace that will give the Bank a tremendous advantage. He joins the Bank from Wintrust Life Finance where, as an initial member of the division, he served as a Senior Loan Officer for new business development, partnering with high-net-worth clients to underwrite corporate and personal life insurance premium finance loans and administer analyses of life insurance illustrations and financial statements, managing client communications throughout loan lifecycles. 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) serving 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 related operational aspects and capabilities for the Bank.
“Anthony and I are excited to represent the Bank in this space,” said 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 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 consumers. Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service. Visit www.pgbank.com and www.peapackprivate.com for more information.
Contact: Denise M. Pace-Sanders, SVP Managing Principal, Brand and Marketing Director, [email protected], 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.