Peapack Private Expands with Yacht Financing Business
News related to:Peapack-Gladstone Financial Corporation · 2 min read
BEDMINSTER, N.J., Sept. 09, 2026 /CourierPR/ -- Peapack Private, a division of Peapack-Gladstone Financial Corporation, has entered the yacht financing market, enhancing its suite of specialized lending solutions. This move is part of the bank’s strategy to expand its services for high-net-worth clients and their advisors.
Jim Velez and Derick Buffum, industry veterans with extensive experience in yacht lending, have joined Peapack Private to lead the new Yacht Financing team. Velez brings over four decades of expertise in this niche market, having previously built and led successful yacht lending businesses. Buffum, with a background in yacht lending, credit, and underwriting, has significant experience in structuring complex financing solutions for ultra-high-net-worth clients.
The new Yacht Financing business complements Peapack Private’s relationship-based approach to banking and wealth management. The team will offer customized financing for both new and pre-owned yachts, including acquisition financing, refinancing, ownership transitions, and other tailored structures. The bank’s clients will benefit from a comprehensive service that aligns significant yacht acquisitions with their broader financial and wealth objectives.
Douglas Kennedy, President and CEO of Peapack Private, highlighted the importance of the new business. “Our strategy has always been to enter specialized businesses with exceptional people who bring deep expertise, strong relationships, and a proven ability to execute,” he said. “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.”
The launch of the Yacht Financing team reflects Peapack Private’s continued investment in specialized businesses and experienced banking professionals. The 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.
Jim Velez and Derick Buffum are excited to join the organization and bring this capability to clients and partners across the industry. “Clients making significant lifestyle and investment decisions expect their financial institution to understand the complete picture,” said 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 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 of the Yacht Financing business marks a significant step for Peapack Private in expanding its services for high-net-worth clients. With the expertise of Velez and Buffum leading the new team, the bank aims to provide comprehensive and tailored financing solutions that align with its clients’ broader financial and wealth management goals.