Peapack-Gladstone Financial in Bedminster, N.J., has launched a life insurance premium finance business after hiring a pair of bankers from Wintrust Financial.
The $6.2 billion-asset company said in a press release that the specialty finance loans allow high-net-worth clients and corporations to obtain life insurance while retaining assets for other investments. 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,” Doug Kennedy, Peapack-Gladstone Bank’s president and CEO, said in the release. “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 company hired Raymond Kim to serve as a senior managing director and president of the division. It also brought on Anthony LoScalzo to serve as a senior managing director and the division’s chief operating officer.