Peapack-Gladstone Bank enters Life Insurance Premium Finance Business

Peapack-Gladstone Financial Corp. said it recently entered into the life insurance premium finance business with the addition of a team that has joined Peapack-Gladstone Bank to build a presence in the space.

Raymond Kim, a resident of Holmdel, was hired to lead the new division as senior managing director and president. In his new role, Kim will responsible for developing the new vertical and introducing its sophisticated, specialty financing solution to the bank’s high net worth client base. With over 15 years of experience, Kim has worked most recently as assistant general counsel and vice president for Wintrust Life Finance. At Wintrust, Kim 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, he acted as a strategic adviser 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, Kim 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.

“Life insurance premium finance is a lucrative business,” said Doug Kennedy, CEO and president 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.”

Joining Kim in building the business is Anthony LoScalzo, a resident of Fort Lee, who has been named senior managing director and chief operating officer of the newest division of the bank. As COO of the Life Insurance Premium Finance division, LoScalzo will lead all related operational aspects and capabilities for the bank.

With over 20 years’ experience, LoScalzo 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, LoScalzo spent seven years with AI Credit Corp., serving in various account management roles, responsible for all phases of loan processing for high-net- worth clients.