POUGHKEEPSIE, N.Y.,
May 6, 2020 /PRNewswire/ -- Rhinebeck
Bancorp, Inc., (the "Company") (NASDAQ: RBKB), the holding company
of Rhinebeck Bank (the "Bank"),
announced today that the Bank has received authorization from the
U.S. Small Business Administration ("SBA") to fund approximately
$84.9 million in loans under the
SBA's Paycheck Protection Program ("PPP"). As a result,
approximately 600 Hudson Valley small businesses and non-profits
received much-needed relief from the devastating economic impact of
COVID-19. Equally as important, the Bank's efforts have helped to
save over 9,200 local jobs.
Rhinebeck Bank President and CEO,
Michael J. Quinn, noted the tireless
work of Bank staff as part of the PPP loan process. "I
continue to be tremendously grateful to all of our employees who
continue to provide superior customer service during this
time. I'm humbled by their dedication, professionalism,
respect, empathy and accountability," said Quinn. "While this
was a truly collaborative effort among numerous departments, it
could not have been accomplished without our Credit Administration,
Commercial Lending, Branch Managers and Loan Documentation teams,
who helped to process, approve and document all of the PPP
loans."
About Rhinebeck Bank
For over 160 years, Rhinebeck
Bank has been an integral part of the area's economic growth
and a driving force for commerce along the Hudson River.
Rhinebeck Bank takes pride in being
personally involved in local businesses, communities and charitable
organizations. Its ability to be responsive to the needs of its
customers and community has led to its continued growth. For more
information about Rhinebeck Bank or
any of their products or services, please visit
www.RhinebeckBank.com.
CONTACT: Michael J. Quinn,
President and Chief Executive Officer
TELEPHONE: (845)
790-1501
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SOURCE Rhinebeck Bancorp, Inc.