NEWBURGH, N.Y., Feb. 18, 2021 /PRNewswire/ -- Rhinebeck
Bancorp, Inc. (NASDAQ: RBKB), the holding company of Rhinebeck Bank, has received all required
regulatory approvals to continue its expansion in Orange County with the opening of a new branch
at 456 Broadway in the city of Newburgh this spring.
The new branch, located in the commercial heart of Newburgh, will provide individuals, families,
and businesses with a full complement of banking and lending
services. Rhinebeck Asset Management, a division of Rhinebeck Bank, will provide a variety of
personal and business financial planning services from their office
at this new branch location.
"We believe in the city of Newburgh and in our ability to contribute to
the success of residents and commercial entities throughout
Orange County," said Rhinebeck Bank President and CEO Michael J. Quinn. "We'll work closely with
municipal and business leaders to promote Newburgh, as we already have with our support
of the Newburgh Creative Neighborhood, and to pursue smart,
sustained growth in both residential and commercial markets."
In the spring of 2018, Rhinebeck
Bank enhanced the efforts of Hudson Valley Pattern for
Progress' Newburgh Creative Neighborhood through the creation of a
$3 million loan fund. In January 2021, Rhinebeck
Bank's Board of Directors increased the fund to $4 million. This fund secures term loans,
including commercial express loans, equipment and vehicle
purchases, leasehold improvements and real estate transactions
under favorable pricing, advance rates and terms to the prospective
borrowers in the Newburgh Creative Neighborhood.
"Opening in Newburgh will
provide local businesses the opportunity to establish a
relationship with a true community bank that is as committed to the
City of Newburgh as they are,"
noted Senior Vice President, Commercial Lending Director
Philip Bronzi. "Our Newburgh
Creative Neighborhood Loan Fund has been instrumental in the
revitalization of several Newburgh
businesses and properties and we look forward to continuing that
investment in Newburgh and
supporting businesses there."
Vince Aurigemma, Vice President,
Residential Lending, highlighted the opportunity the Bank will
offer those in the area looking to buy a home. "Home ownership is a
foundation of building a secure financial future. Having a presence
in the city of Newburgh will give
residents access to our years of experience and the tools necessary
to achieve their homeownership dreams."
City of Newburgh Mayor
Torrance Harvey said, "We are all
thrilled to have Rhinebeck Bank open
a branch in our great city. The services and benefits this will
bring to our residents and business community is exponential. The
teamwork that went into this project, and the desire and
willingness of our partner to open up shop in Newburgh speaks volumes to their commitment to
"Rhinebeck Bank has a long and
accomplished history of helping people and businesses flourish,"
said City Manager Joseph Donat.
"They go above and beyond to be a true community partner and the
City of Newburgh could not be
happier to have them open a branch location in the heart of our
downtown corridor. This is a fabulous way to kick off the new year,
and will undoubtedly lay the groundwork for a fruitful future for
our city, and its residents and business owners alike."
The new branch will be led by Branch Manager Mario Jimenez and Branch Team Leader
Sergio Valentin. Diane Passaro, Vice President – Orange County
Market Manager, an Orange County
banking and lending veteran who joined Rhinebeck Bank last year, will oversee
Newburgh branch operations and
continue to facilitate new opportunities for growth in Orange County going forward.
The Newburgh branch will be the
fourth Rhinebeck Bank location in
Orange County, joining the
villages of Goshen, Monroe and Warwick. Rhinebeck Asset Management is
headquartered in Montgomery.
"We're excited to expand our presence in Orange County," said Mark Malone, Senior Vice President, Retail
Banking. "Our Newburgh team is experienced, familiar with and
connected to the city, and will be an active, visible presence in
About Rhinebeck Bank
For more than 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 their customers and community has led to continued growth. For
more information about Rhinebeck
Bank or any of its products or services, please visit
The statements contained herein that are not historical facts
are forward-looking statements (as defined by the Private
Securities Litigation Reform Act of 1995) based on management's
current expectations and beliefs concerning future developments and
their potential effects on Rhinebeck Bancorp. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of
Rhinebeck Bancorp. There can be no assurance that future
developments affecting Rhinebeck Bancorp will be the same as those
anticipated by management. These statements are evidenced by terms
such as "anticipate," "estimate," "should," "expect," "believe,"
"intend," and similar expressions. Although these statements
reflect management's good faith beliefs and projections, they are
not guarantees of future performance and they may not prove true.
These projections involve risk and uncertainties that could cause
actual results to differ materially from those addressed in the
forward-looking statements. Readers should not place under reliance
on such forward-looking statements, which speak only as of the date
made. For a discussion of these risks and uncertainties, see the
section of the periodic reports filed by Rhinebeck Bancorp with the
Securities and Exchange Commission entitled "Risk Factors." We
specifically disclaim any obligation to update any factors or to
publicly announce the result of revisions to any of the
forward-looking statements included herein to reflect future events
Quinn, President and Chief Executive Officer, Rhinebeck Bank
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SOURCE Rhinebeck Bancorp, Inc.