A Partner To Bank On

Peapack-Gladstone Bank has a well-deserved reputation for integrity and commitment to its customers and the greater community, so it’s no surprise then that they forged a close relationship with Montclair State University.

Founded in 1921, Peapack-Gladstone Bank provides innovative wealth management, investment banking, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers.

Collaborating with Montclair State University dates back to around the year 2000 when Peapack-Gladstone Bank President & CEO Doug Kennedy, was made a trustee of the University. In 2014, Susan Cole, then-president of Montclair, began serving on the Peapack-Gladstone Bank Board of Directors. When Peapack-Gladstone Bank launched its career outreach program, Montclair was a natural choice.

“We’ve partnered with some other schools since, but our relationship with Montclair is definitely the strongest,” says Erin Villagra, assistant vice president/talent and culture specialist at Peapack-Gladstone Bank , and a 2019 recipient of the New Jersey Bankers Association Rising Star Award.

Peapack-Gladstone designed professional development opportunities for Montclair students. In the Resume & LinkedIn Tips seminar, Villagra gave “an insider’s look” at what the HR team looked for in candidates and how they could stand out in a crowded field of job seekers. The Breaking into Banking workshop was aimed at students unfamiliar with the banking industry and what it has to offer.

Perhaps most enlightening for students was discovering that Peapack-Gladstone Bank actively sought candidates from diverse backgrounds – not just finance or accounting majors. “I was an education major myself,” Villagra says. “There are lots of transferable skills. The Breaking into Banking workshop helps students see that it’s more than just numbers and opening accounts and things that you see on the outside.”

Peapack-Gladstone Bank invited students to their corporate site where they got to question banking team members from different divisions – including some of the 16 Montclair alumni, each of whom could trace an upward trajectory in their careers at Peapack-Gladstone Bank. Doug Reyes, for example, went from client service officer to senior investment analyst. Nicole Economy was promoted from help desk analyst to its team lead in less than two years. The day was capped with lunch with CEO Doug Kennedy, where students could “pick his brain” and hear him speak about leadership.

Montclair students who qualify can apply for Peapack-Gladstone Bank’s internship program: a 10-week, paid summer opportunity for 10 to 15 students that runs Mondays through Thursdays. Unlike companies that use interns as free labor, Peapack-Gladstone Bank interns engage in meaningful, hands-on activities, such as working with the bank’s clients and documents system. Lunch & Learn sessions with Peapack-Gladstone Bank senior leadership, including CEO Kennedy, broaden their learning experience.

What distinguishes the program, Villagra says, is the opportunity for interns to undertake a timely challenge facing the bank, and then present their analysis and recommendations to the executive leadership team. For example, interns recently investigated how the bank could incorporate AI into their processes and customer relations.

Working with Montclair students also helps Peapack-Gladstone Bank get more exposure and compete for talent with larger institutions. Indeed, two interns got job offers from Peapack-Gladstone Bank after completing the program. “One of our core principles is to be invested in our community. We’re not necessarily looking for anything in return, but if we can help a student get to where they want to go or find that first job, that’s just as valuable,” Villagra says.

Amongst the core principles on which CEO Kennedy focuses are putting clients first, performing as one team, and perhaps most importantly, being invested in the community. Peapack-Gladstone Bank looks for community involvement when interviewing job applicants. To that end, Peapack-Gladstone Bank supports approximately 270 organizations and allows employees – including Montclair student interns – ample time to volunteer, even on the bank’s time. Customers can bank anywhere, Villagra says, “but if you want to feel like the people you work with care about you and your financial goals, that’s really what we’re going for when we hire and recruit.”

The relationship between bank and school is mutually beneficial. The HR team at Peapack-Gladstone Bank partnered with the Dean’s Office at Montclair to plan and execute the Strategic Leadership Academy (SLA). Running from November 2022 through January 2023, the SLA held a series of four four-hour sessions at MSU that explored the many facets of strategic decision making. The final session at the company headquarters led to the creation of Peapack-Gladstone Bank’s Strategic Plan for 2023.

“We received a lot of great feedback,” Villagra says. “It was a win-win for us and for Montclair to put together such a great program.”