Rhinebeck Bancorp Announces Appointment of Kevin Nihill as Chief Financial Officer

Rhea-AI Summary

Rhinebeck Bancorp (NASDAQ:RBKB) has announced the appointment of Kevin Nihill as the new Chief Financial Officer (CFO) of Rhinebeck Bancorp and Rhinebeck Bank, succeeding Michael McDermott who retired after 23 years of service. Nihill brings over 20 years of banking and corporate finance experience, having recently served as Executive Vice President, CFO at St. Mary's Bank, and previously as Senior Vice President, Treasurer at Berkshire Bank. As the new CFO, Nihill will oversee accounting and financial operations, regulatory and tax reporting, and the bank's budgeting process. His strategic vision and leadership will support Rhinebeck Bank's mission to provide exceptional community banking services in the Hudson Valley and beyond.

Positive

• Kevin Nihill's appointment as CFO brings over 20 years of banking and finance experience to Rhinebeck Bancorp.
• Nihill's previous roles as Executive Vice President, CFO at St. Mary's Bank, and Senior Vice President, Treasurer at Berkshire Bank highlight his extensive expertise in the sector.
• Nihill's leadership is expected to positively impact Rhinebeck Bancorp's strategic financial management and community banking services.

Negative

• The retirement of Michael McDermott after 23 years of service may raise concerns about continuity and the transition period for the new CFO.

POUGHKEEPSIE, NY / ACCESSWIRE / June 25, 2024 / Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), the holding company of Rhinebeck Bank, announced the appointment of Kevin Nihill as Chief Financial Officer of Rhinebeck Bancorp and Rhinebeck Bank.

Nihill replaced former Chief Financial Officer, Michael McDermott, who retired from the Bank after 23 years of service.

Nihill brings a wealth of banking and corporate finance experience to his new role, having most recently served as Executive Vice President, Chief Financial Officer at St. Mary's Bank, a credit union in Manchester, NH. His career experience also includes service as Senior Vice President, Treasurer at Berkshire Bank, headquartered in Pittsfield, MA. Throughout his career, Nihill maintained an exemplary track record of leading cross-functional teams on a diverse array of projects. In his new role, he will be responsible for directing and controlling the Company's accounting and financial operations, including required financial, regulatory, and tax reporting duties and managing the Bank's budgeting process.

"I'm looking forward to helping Rhinebeck Bank achieve its strategic business goals and thrive as one of the area's premier community banks," said Nihill. "It's an honor to join the Bank's outstanding executive team and dedicated staff and continue its mission to provide superior service to communities throughout the Hudson Valley and beyond."

"Kevin brings more than 20 years of finance and banking experience, as well as an enthusiastic and energetic leadership style, to his new role at the Bank," said Rhinebeck Bank President and Chief Executive Officer Michael J. Quinn. "His strategic acumen, coupled with a thorough understanding of commercial and consumer banking profitability, will greatly benefit the Bank as we continue to meet the needs of individuals, families and businesses in the Hudson Valley, Capital Region and surrounding communities."

A Chartered Financial Analyst® (CFA), Nihill holds a Master of Business Administration in Finance degree from Rensselaer Polytechnic Institute in Troy, NY and is also a graduate of Cornell University.

Nihill resides in Castleton-on-Hudson, NY with his wife and two children.

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About Rhinebeck Bancorp

Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is the majority-owned subsidiary of Rhinebeck Bancorp, MHC. 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 customers and community has led its continued growth. For more information about Rhinebeck Bank or any of its products or services, please visit www.RhinebeckBank.com.

CONTACT:

Michael Quinn
President & CEO
mquinn@rhinebeckbank.com

SOURCE: Rhineback Bancorp, Inc.

View the original press release on accesswire.com

FAQ

Who is the new CFO of Rhinebeck Bancorp?

Kevin Nihill has been appointed as the new Chief Financial Officer of Rhinebeck Bancorp.

What experience does Kevin Nihill bring to Rhinebeck Bancorp?

Kevin Nihill has over 20 years of experience in banking and corporate finance, previously serving as Executive Vice President, CFO at St. Mary's Bank, and Senior Vice President, Treasurer at Berkshire Bank.

When was Kevin Nihill appointed as CFO of Rhinebeck Bancorp?

Kevin Nihill was appointed as CFO on June 25, 2024.

What responsibilities will Kevin Nihill have as CFO of Rhinebeck Bancorp?

Kevin Nihill will oversee the Company's accounting and financial operations, regulatory and tax reporting, and manage the Bank's budgeting process.

What are the potential impacts of Kevin Nihill's appointment on Rhinebeck Bancorp?

Kevin Nihill's extensive experience and strategic acumen are expected to positively influence Rhinebeck Bancorp's financial management and support its community banking services.