Peapack-Gladstone Bank Hires New SBA Team Members

Rhea-AI Summary

Peapack-Gladstone Financial Corporation (PGC) has expanded its SBA Lending Division by welcoming three experienced professionals aimed at enhancing growth and service to small business clients. Sanjay T. Patel and Bhavesh R. Sheth join as Managing Directors with extensive backgrounds in SBA lending, while Parth Thakor comes on board as an Assistant Vice President, SBA Underwriter. This strategic move reinforces the bank's commitment to providing personalized services and support to small businesses, promoting economic growth.

Positive

• Appointment of seasoned professionals to strengthen SBA Lending Division.
• Focus on personalized service for small business clients.
• Bank is an SBA Preferred Lender, enhancing credibility.

Negative

• Potential concerns about integration and continuity with new management.
• No specific financial performance metrics related to the new hires.

BEDMINSTER, N.J., Jan. 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to introduce three new members to the Bank’s SBA Lending Division, responsible for the Company’s further growth and expansion of SBA business, with a focus on providing new and existing business clients exceptional, personalized service.  The goal of the U.S. Small Business Administration (SBA) has been to support our nation’s overall economy and help individuals, start, build and grow their businesses.  Based out of Peapack-Gladstone Bank’s Princeton location, the SBA Lending Division provides qualifying small business owners custom-tailored assistance, supporting their financial needs and helping their businesses to prosper and succeed.

Sanjay T. Patel joins Peapack-Gladstone Bank’s SBA Team as a Managing Director, SBA Banker.  Previously, as first senior vice president at Noah Bank, he was responsible for the origination and processing of Commercial, SBA 7(a) and 504 loans.  Sanjay has a proven track record in SBA Lending, also serving as director of sales, Creative Funding, Inc.; vice president and New Jersey office manager, Poppy Bank; senior relationship manager and vice president, Dime Community Bank; senior vice president, SBA Lending at Freedom Small Business Lending; president, Indo American Community Division, Noah Bank; senior vice president, Unity Bank; and as vice president, partner at Creative Capital Group in Edison, NJ.  Mr. Patel holds an MBA in Business Administration with Major in Business Management and Minor in Finance at Florida A&M University, and Bachelor of Engineering, Metallurgy from the University of Baroda, India.  He is an active member of the National Association of Government Guaranteed Lenders (NAGGL) and Asian American Hotel Owners Association (AAHOA), Atlanta, GA.  Sanjay is also a double recipient of the Allen Tucker Award as both Employee and Salesman of the Year.

With over 18 years in the financial services industry, Bhavesh R. Sheth joins the team as Managing Director, SBA Banker.  With a concentrated focus on SBA lending, Bhavesh has a proven track record of increasing sales, market share and growth in profits in a competitive financial arena.  Most recently, Bhavesh served as senior vice president, Noah Bank and as an independent consultant for Creative Funding Inc. where combined he originated over $30 MM in SBA 7(a) loans.  Prior to that, he served as vice president, SBA lending at Poppy Bank; assistant vice president, SBA lending, Dime Community Bank, Brooklyn, NY; vice president, commercial lending, Freedom Small Business, BIDCO, Inc.; first vice president, Commercial Lending, Noah Bank, Edison, NJ; commercial lender, SBA Business Development Executive, Unity Bank, Clinton, NJ; Sr. loan officer, Motel Broker Associates, Inc., Glenwood, MD; and Project Leader, Crown Futures Corporation, Fairfield, IA.  Mr. Sheth holds an MBA in Finance from the Maharishi University of Management, Fairfield, IA; BS in Finance from the University of Madras, India; and a Computer Applications diploma from the National Institute of Technology.  He is a licensed trader in Financial Derivatives and Microsoft Certified Database Administrator, Systems Developer, and Systems Engineer.

Parth Thakor, a graduate of Rutgers, The State University of New Jersey, has a Bachelor’s Degree in Economics, joins Peapack-Gladstone Bank as Assistant Vice President, SBA Underwriter.  Parth will support the SBA team through his extensive background in underwriting and credit analysis.  Formerly serving as credit analyst, Noah Bank, his expertise was invaluable through the evaluation and analysis of prospective lender applications.  Prior to that he served as SBA loan packager at Creative Funding, Inc.; loan assistant at Poppy Bank; and SBA loan packager at Freedom Small Business Lending, BIDCO, Inc.

Peapack-Gladstone Bank is an SBA Preferred Lender with a proven track record and proficiency in processing and servicing SBA-guaranteed loans.  The Bank’s preferred lender designation reinforces its commitment and dedication to the small business community.

About the Company

Founded in 1921, Peapack-Gladstone Financial Corporation is a NJ bank holding company with total assets of $6.2 billion and assets under management/administration of $10.3 billion as of September 30, 2021.  Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, including residential lending and online platforms to businesses and consumers.  Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice, and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them establish, maintain, and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

Contact:  Rosanne Schwab, Peapack-Gladstone Bank, Assistant Vice President, Public Relations and Corporate Communications Manager, 500 Hills Drive, Suite 300, Bedminster, NJ  07921 rschwab@pgbank.com, (908) 719-6543.

FAQ

What recent changes were made in Peapack-Gladstone Financial Corporation's SBA Lending Division?

Peapack-Gladstone Financial Corporation introduced three new members to its SBA Lending Division to enhance growth and service.

Who are the new members of PGC's SBA Lending Division?

The new members include Sanjay T. Patel and Bhavesh R. Sheth as Managing Directors, and Parth Thakor as Assistant Vice President, SBA Underwriter.

What qualifications do the new members of PGC's SBA Lending Division have?

The new members possess extensive experience in SBA lending, with proven track records in increasing sales and managing commercial lending.

How does the addition of new members impact Peapack-Gladstone Financial Corporation?

The addition is expected to strengthen the bank's ability to support small businesses through personalized service and expertise in SBA loans.