Peapack-Gladstone Financial Corporation Enters Yacht Financing Business

Peapack-Gladstone Financial Corporation Enters Yacht Financing Business

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private have announced their entry into the yacht financing business, extending their portfolio of custom lending solutions for high-net-worth individuals, families, and their advisors. The Bank has hired industry veterans Jim Velez and Derick Buffum to spearhead the new Yacht Financing team.

Industry Experts to Lead Yacht Financing Team

Velez brings over 40 years of specialized yacht finance experience to the table, having built and directed successful yacht lending businesses in the past. Buffum, an expert in yacht lending, credit, and underwriting, possesses extensive experience in structuring complex financing solutions for ultra-high-net-worth clients. Together, they will utilize their combined expertise in business development, credit, underwriting, portfolio management, and the creation and execution of specialized yacht lending programs to lead the new team.

Comprehensive Financing Solutions for Yacht Acquisitions

Peapack Private’s entry into the yacht lending market reinforces their relationship-centric approach to banking and wealth management. Clients will now have access to financing strategies designed to maintain liquidity and align yacht acquisitions with broader financial and wealth objectives. The team will offer bespoke financing for new and pre-owned yachts, including acquisition financing, refinancing, ownership transitions, and other tailored structures.

Integrating Yacht Financing Into Comprehensive Financial Relationships

Peapack Private’s Yacht Financing team will collaborate with clients and their advisors, as well as yacht brokers, marine professionals, attorneys, and insurance specialists, to ensure seamless execution throughout the financing process. Clients will also be able to leverage Peapack Private’s wider private banking, commercial banking, and wealth management capabilities, integrating yacht financing into an all-encompassing financial relationship.

“Peapack Private’s relationship-driven culture and ability to deliver customized solutions make for an excellent platform for establishing a top-tier yacht financing business,” said Jim Velez.

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 signifies Peapack Private’s ongoing investment in specialized businesses and experienced banking professionals capable of expanding the firm’s abilities while maintaining its client-focused approach.

About Peapack-Gladstone Financial Corporation

Peapack-Gladstone Financial Corporation is a New Jersey-based 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. Visit Peapack Private’s website to learn more about their suite of banking, lending, wealth management, investment banking, and trust solutions designed for successful individuals, families, and businesses.

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