Peapack Private's New Hire Signals a High-Touch Bet in a High-Tech World

BEDMINSTER, NJ – July 23, 2026 – In a move that reinforces its strategic push into specialized commercial markets, Peapack Private Bank & Trust has appointed Leonard Carraturo as Senior Managing Director, Commercial Private Banker. While a senior appointment is standard fare in the banking world, this hire offers a revealing look into how regional players like Peapack Private are innovating not just with technology, but with talent, to carve out a competitive advantage against national behemoths. The appointment signals a doubling-down on a hybrid strategy: pairing sophisticated fintech solutions with deep, relationship-driven human expertise.

A Strategic Play for Specialized Markets

Carraturo is not a generalist. He joins Peapack Private with over two decades of focused experience in the intricate domains of middle-market commercial and industrial (C&I) lending, sponsor finance, healthcare finance, and asset-based lending. This specific skill set aligns precisely with the bank's publicly stated growth ambitions.

"Leonard’s extensive commercial banking experience, strong market presence, and proven track record of developing long-term client relationships make him an outstanding addition to our team,” said Dawn Kasulke, Senior Managing Director and Team Leader at Peapack Private. “His deep knowledge across middle market banking, sponsor finance, and healthcare lending further strengthens our ability to deliver sophisticated financial solutions to our clients and communities.”

His career trajectory demonstrates a consistent ability to build and scale operations in these niche areas. Prior to joining Peapack Private, Carraturo served as Vice President at Metropolitan Commercial Bank in New York City. There, he was instrumental in establishing the bank’s sponsor finance platform, a critical service for the private equity ecosystem. His role involved managing and expanding relationships with a complex client base that included middle-market companies, private equity-backed businesses, family offices, and healthcare organizations. His success in originating and executing a wide array of financing solutions—from acquisition and leveraged cash flow facilities to working capital lines—highlights the kind of specialized expertise Peapack Private is acquiring.

Previously, as Vice President at Webster Bank, he honed his skills in asset-based lending, developing strategic ties with private equity sponsors and investment banking professionals. This background suggests Carraturo brings not only a deep understanding of complex credit structures but also a robust professional network that will be invaluable for client acquisition in the competitive New Jersey and New York markets.

The "High-Touch, High-Tech" Banking Model

In an era dominated by digital transformation, Peapack Private is wagering that technology alone is not the answer. The bank has built its reputation on a "boutique private-banking model backed by enterprise-level technology." This strategy acknowledges a critical market reality: while commercial clients demand the efficiency of advanced digital tools, they crave the nuance, guidance, and direct access that only an experienced banker can provide.

The bank has invested heavily in its technology stack, offering clients advanced treasury management tools that rival those of much larger institutions. This "high-tech" component allows businesses to manage cash flow, process payments, and access financial data with sophisticated, real-time capabilities. However, the bank’s core differentiator lies in its "high-touch" service layer. Every client is assigned a dedicated relationship manager, a single point of contact who provides thoughtful guidance and seamless access to the bank's full spectrum of expertise, from commercial lending to wealth management and trust solutions.

Carraturo’s appointment is a direct investment in this high-touch philosophy. His role is not simply to process transactions but to partner with clients, understanding their growth initiatives, acquisition plans, and long-term financial objectives. In a market where larger banks often relegate middle-market clients to call centers or junior-level staff, Peapack’s model of providing direct access to senior-level talent like Carraturo is a powerful form of innovation in service delivery. This human-centric approach builds loyalty and creates significant switching costs for clients who value personalized strategic advice.

Fueling Growth in a Competitive Landscape

This talent-focused strategy appears to be paying dividends. Peapack-Gladstone Financial Corporation, the bank's parent company, reported impressive results for the first quarter of 2026. Net income surged 86% year-over-year to $14.2 million, while total revenue grew 28% to $82.5 million. This performance was driven by strong loan and deposit growth, with total loans reaching $6.4 billion and deposits hitting $6.8 billion.

Significantly, the bank has made substantial inroads into the lucrative New York market, accumulating over 1,300 commercial relationships representing more than $2.1 billion in client deposits. Carraturo’s deep experience in New York City is poised to accelerate this expansion. His expertise in sponsor finance is particularly timely, as private equity activity in the middle market continues to drive demand for tailored lending solutions. Similarly, his background in healthcare finance positions the bank to capitalize on growth in that resilient sector.

The current economic environment, marked by interest rate fluctuations and a focus on credit quality, makes this strategic hire even more critical. Banks that can attract and grow stable, low-cost funding sources have a distinct advantage. Peapack Private’s success in growing its noninterest-bearing deposits—which comprised nearly half of its deposit growth in the first quarter—demonstrates the strength of its relationship-based model. Clients who trust their banker are more likely to consolidate their operating accounts with the institution, providing a valuable source of core funding.

Talent as a Cornerstone of Strategy

The recruitment of Leonard Carraturo is not an isolated event but part of a broader, deliberate talent acquisition strategy at Peapack Private. In recent months, the bank has announced several other key senior appointments aimed at strengthening its core divisions. These include Paul Kotronis as Senior Managing Director for Commercial Real Estate, Michael Mehosky as National Sales Manager for its equipment finance division, Peapack Capital, and promotions for Lisa Brandi to lead Treasury Management Sales and Roz Ostler to head Asset Management.

This pattern reveals a clear strategic directive: to win in a competitive market, Peapack Private is systematically recruiting proven industry leaders with deep, specialized expertise. By investing in top-tier human capital, the bank is building a formidable team capable of navigating complex markets and delivering the sophisticated, bespoke solutions that discerning commercial and private clients demand. This focus on talent is the engine driving its high-touch, high-tech model, proving that in the future of banking, the most valuable asset may still be human expertise.