Peapack Private Expands Specialty Lending Capabilities with Launch of Yacht Financing Business
BEDMINSTER, N.J., Sept. 09, 2026 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private announced today its entrance into the yacht financing business, further expanding the Bank’s suite of customized lending solutions for high-net-worth individuals, families and their advisors. As part of the launch, Peapack Private has hired industry veterans, Jim Velez, and Derick Buffum, to lead the new Yacht Financing team.
Velez brings more than four decades of specialized yacht finance experience to Peapack Private, with a proven track record of building and leading successful yacht lending businesses. Buffum brings extensive expertise in yacht lending, credit, and underwriting, with significant experience structuring complex financing solutions for ultra-high-net-worth clients. Together, they bring complementary expertise spanning business development, credit, underwriting, portfolio management, and the development and execution of specialized yacht lending programs.
The new business complements Peapack Private’s relationship-based approach to banking and wealth management, providing clients with financing strategies designed to preserve liquidity and align significant yacht acquisitions with their broader financial and wealth objectives. The team will offer customized financing for new and pre-owned yachts, including acquisition financing, refinancing, ownership transitions, and other tailored structures.
“Our strategy has always been to enter specialized businesses with exceptional people who bring deep expertise, strong relationships and a proven ability to execute,” said Doug Kennedy, President and CEO of Peapack Private. “Jim and Derick have spent their careers in specialized lending and understand the yacht finance market from origination and relationship development through underwriting, structuring, and portfolio management. Their experience gives us the opportunity to build this business the right way from day one, while bringing clients the responsiveness, creativity and highly personalized service that define Peapack Private.”
The Bank’s Yacht Financing team will work closely with clients and their advisors, as well as yacht brokers, marine professionals, attorneys, and insurance specialists, to provide coordinated execution throughout the financing process. Clients will also have access to Peapack Private’s broader private banking, commercial banking, and wealth management capabilities, allowing yacht financing to be considered as part of a comprehensive financial relationship.
“Clients making significant lifestyle and investment decisions expect their financial institution to understand the complete picture,” said Jim Velez. “Peapack Private’s relationship-driven culture and ability to deliver customized solutions create an outstanding platform for building a premier yacht financing business. Derick and I are excited to join the organization and bring this capability to clients and partners across the industry.”
Derick Buffum added, “Yacht financing is a highly specialized business where experience, responsiveness, and execution matter. We believe Peapack Private offers an ideal combination of personalized service and institutional strength, and we look forward to developing long-term relationships with yacht owners, brokers, and other marine industry professionals.”
The launch represents Peapack Private’s continued investment in specialized businesses and experienced banking professionals who can expand the firm’s capabilities while maintaining its relationship-focused approach to serving clients.
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $8.0 billion and assets under management and/or administration of $13.9 billion as of June 30, 2026. Founded in 1921, Peapack Private Bank & Trust is a boutique private bank serving successful individuals, families, business owners, family offices, and their trusted advisors through personalized relationships and bespoke banking, lending, wealth management, investment banking, and trust solutions. Distinguished by a relationship-first approach, every client is supported by a dedicated relationship manager who provides thoughtful guidance, seamless coordination, and access to the Bank's full breadth of expertise. The Bank's Wealth Management division delivers sophisticated investment management, fiduciary, tax, estate, and financial planning strategies designed to help clients preserve, grow, and transfer wealth across generations. Defined by discretion, exceptional service, and enduring relationships, Peapack Private is committed to helping clients achieve their financial goals while protecting the legacy they have built. For more information, visit www.peapackprivate.com.
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Contact: Denise M. Pace-Sanders, Peapack Private Bank & Trust, SVP Managing Principal, Brand and Marketing Director, 500 Hills Drive, Suite 300, Bedminster, NJ 07921 dpace@peapackprivate.com, (908) 470-3322
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