Peapack-Gladstone Financial is to establish PGB Trust & Investments of Delaware in Greenville - a move the firm said will allow clients to realize the advantages of Delaware trusts, as they can offer significant income and estate tax benefits, as well as greater flexibility to establish multi-generational trusts.

As part of the team responsible for the bank's wealth advisory services and solutions, Lisa Berry, vice president and private wealth advisor, will head the operations of the Delaware office. Berry joined PGB Trust & Investments earlier this year, having previously held positions at US Trust, Bank of America Private Wealth Management, Chase Manhattan Bank, Wachovia Bank, PNC Bank and Citibank Private Bank.

A number of firms have made hires to their trust businesses this year, as developments in the US tax code have driven demand for these services.

At the start of the year, Dan Lindley, president of The Northern Trust Company in Delaware and chief fiduciary officer of its private client business in Guernsey and Cayman Islands, anticipated that 2012 would be highly "tax-driven" for private clients. His predictions were due to the 2010 Tax Relief Act, which he said had ushered in “unprecedented” opportunities to make lifetime gifts – but only within a two-year window set to expire at the end of this year.

Earlier in 2012, Key Private Bank, another regional bank and part of New York-listed KeyCorp, established a Delaware national trust company to work with its wealth clients and prospects on asset protection and tax savings.

Meanwhile, Cambridge Bancorp named Susan Martore-Baker as president of its subsidiary  Cambridge Trust Company of New Hampshire, while Neuberger Berman hired Diane Lederman as president and chief executive of Neuberger Trust Company earlier this month.

Then in March, New York-listed First Republic Bank launched a trust company in Delaware, naming John McCabe as managing director and senior trust officer.

New Jersey-based PGB Trust & Investments is the wealth management unit of Peapack-Gladstone Bank, with over $2 billion in assets currently under administration. Headquartered in Bedminster, with additional offices in Morristown, Clinton and Summit, as well as Bethlehem, PA, the firm serves high net worth individuals and families, foundations and endowments.