Rhinebeck Bank expands Commercial Lending Team into Albany market

Rhea-AI Summary

Rhinebeck Bank, a subsidiary of Rhinebeck Bancorp (NASDAQ: RBKB), has launched a new Commercial Lending office in Albany to cater to local businesses. The office will offer various lending products, including commercial mortgages and construction loans, to meet the growing demand in the Capital District. President Michael J. Quinn highlighted the bank's commitment to providing exceptional service, with Philip Bronzi appointed as chief lending officer overseeing the new team. The bank will also hire three seasoned commercial lending professionals to support this initiative.

Positive

• Expansion into Albany market could increase revenue from commercial lending.
• New office offers a diverse range of lending products tailored for local businesses.
• Experienced team appointed to drive commercial lending growth.

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• None.

ALBANY, N.Y., June 9, 2021 /PRNewswire/ -- Rhinebeck Bank, the wholly-owned subsidiary of Rhinebeck Bancorp, Inc. (NASDAQ: RBKB), has expanded its presence in the Capital District with a new Commercial Lending office in the Albany market.

The new office provides Capital District businesses with a wide array of lending products and services, including commercial mortgages, construction loans, vehicle and equipment loans, and commercial lines of credit. This expansion will complement Rhinebeck Bank's existing indirect automobile lending offerings in the region.

"In recent years, the Bank has seen a steady demand for commercial lending in the Capital District," said Rhinebeck Bank President & CEO Michael J. Quinn. "We look forward to providing businesses in the area with the superior customer experience that has been our hallmark throughout the Hudson Valley." Quinn said Philip Bronzi, the Bank's newly appointed chief lending officer, will oversee the new Albany market's Commercial Lending team.

As part of this expansion, the Bank will add three Commercial Lending professionals to its Albany office:

• Bob Bazargan – SVP, Commercial Team Leader – Capital Markets:
  A 10-year Albany resident with Hudson Valley roots, Bazargan is an experienced and well-respected commercial banker in the Albany and Saratoga markets. He holds an MBA in Finance from SUNY at New Paltz and is fluent in Farsi. He brings a superior record of performance to his new role and will lead the Commercial Lending Team in Albany.
• Ken Zwicklbauer – SVP, Commercial Lender:
  Zwicklbauer is also a long-time commercial banker with deep roots in the Albany market. He holds an MBA in Finance from SUNY at Albany. He joins Rhinebeck Bank with a record of strong sales performance and key contributions to the greater Albany community. Zwicklbauer was recognized as a 40 Under Forty honoree by the Albany Business Review.
• Raj Kaur – AVP, Commercial Lender:
  Kaur joins the Bank with more than 15 years of banking experience and a history of high achievement. She holds her MBA in Accounting & Business Administration from SUNY at Albany and is fluent in Punjabi and Hindi. During her career, Kaur has provided exceptional customer service and extensive knowledge of banking products and services, attributes that will serve her customers well in her new role at Rhinebeck Bank.

The Commercial Lending team will operate out of the Bank's existing Capital District market location at 200 Great Oaks Boulevard in Albany.

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.

Media Contact:
Michael J. Quinn
President and Chief Executive Officer
Telephone: (845) 790-1501

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SOURCE Rhinebeck Bancorp, Inc.

FAQ

What is the significance of Rhinebeck Bank's new Commercial Lending office in Albany?

Rhinebeck Bank's new Commercial Lending office in Albany is significant as it expands their footprint in the Capital District, allowing them to offer a variety of lending products tailored to local businesses, thereby potentially increasing their revenue.

Who is overseeing the new Albany market's Commercial Lending team?

Philip Bronzi has been appointed as the chief lending officer overseeing the Albany market's Commercial Lending team.

What types of lending products are being offered at the new Albany office?

The new Albany office will offer commercial mortgages, construction loans, vehicle and equipment loans, and commercial lines of credit.

When was the new Commercial Lending office in Albany opened?

The new Commercial Lending office in Albany was officially announced on June 9, 2021.