Peapack-Gladstone Bank launches life insurance premium financing
Peapack-Gladstone Financial Corp. said it recently entered the life insurance premium financing business with the addition of a team that joined Peapack-Gladstone Bank build a presence in space.
Holmdel resident Raymond Kim was hired to lead the new division as senior managing director and president. In her new role, Kim will be responsible for developing the new vertical and introducing its sophisticated and specialized financing solution to the bank’s high net worth clients. With over 15 years of experience, Kim most recently served as Assistant General Counsel and Vice President of Wintrust Life Finance. At Wintrust, Kim managed the day-to-day operations of the Legal Department, where he provided a wide range of corporate legal advice for numerous technical, business and operational units. Additionally, he acted as a strategic advisor to senior management on transactional, regulatory and insurance matters and was responsible for drafting and negotiating contracts related to over $7 billion in origination. Prior to joining Wintrust, Kim was an associate attorney for several leading law firms, including Norris, McLoughlin & Marcus PA, Sandelands Eyet LLP and Parker McCay PA, where he specialized in complex commercial litigation and banking services. and financial.
“Financing life insurance premiums is a lucrative business,” said Doug Kennedy, CEO and President of Peapack-Gladstone Bank. “We believe this is the next logical step in our growth plan, one that serves the level of customer base that we have been building for many years.”
Anthony LoScalzo, a Fort Lee resident who was named senior managing director and chief operating officer of the bank’s newest division, joins Kim in building the business. As COO of the Life Insurance Premium Finance division, LoScalzo will lead all operational aspects and related capabilities for the bank.
With over 20 years of experience, LoScalzo is widely regarded as an expert in the area of life insurance premium financing, with a proven track record and market knowledge that will give the bank a huge advantage. He joins the bank from Wintrust Life Finance where, as an initial member of the division, he served as senior loan officer for new business development, partnering with high net worth clients to underwrite funding corporate and personal life insurance premiums and administering life insurance illustration analyzes and financial statements, managing client communications throughout the loan life cycle. 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 at AI Credit Corp. in various account management positions responsible for all phases of loan processing for high net worth clients.