Peapack Private Bank & Trust has appointed Sonia Lugo as a Senior Managing Director to spearhead its commercial banking expansion into Long Island. Lugo brings more than 20 years of financial services expertise to her new role, where she will lead a team of relationship managers in supporting the bank's strategic growth objectives. Prior to joining Peapack Private, Lugo held significant leadership positions at prominent financial institutions. At Flagstar Bank, formerly Signature Bank, she served as a vice president and group director, successfully building and managing a commercial portfolio exceeding $130 million. Her previous roles at HSBC Bank USA and Banco Popular further demonstrate her prowess in commercial banking, where she developed new business and managed portfolios ranging from $42 million to $58 million.
Lugo's appointment underscores Peapack-Gladstone Financial Corporation's commitment to strategic growth and talent acquisition. With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, the bank continues to expand its market presence through strategic hires like Lugo. Her extensive experience in commercial banking, combined with a track record of portfolio management and business development, positions her as a critical asset in Peapack Private Bank's Long Island expansion strategy. Lugo's background in managing diverse commercial portfolios across multiple financial institutions provides her with unique insights into regional banking dynamics.
A graduate of the University of Puerto Rico in Arecibo, Lugo represents the bank's dedication to leveraging diverse talent to drive innovation and growth in the competitive financial services landscape. The appointment signals Peapack Private Bank's focused approach to capturing market share in Long Island's commercial banking sector, where Lugo's proven ability to build substantial portfolios will be instrumental. This move reflects broader industry trends where regional banks are aggressively pursuing expansion through experienced leadership hires to compete with larger national institutions. The success of this expansion could influence Peapack Private Bank's overall growth trajectory and market positioning in the Northeastern United States.
