Business
Rhinebeck Bank Receives Regulatory Approval to Continue Orange County Expansion With New Branch in City of Newburgh
NEWBURGH, N.Y., Feb. 18, 2021 /PRNewswire/ -- Rhinebeck Bancorp, Inc. (NASDAQ: RBKB), the holding company of Rhinebeck Bank, has received all required
About this update from Rhinebeck Bancorp, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nThe 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.\n\"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.\"\nIn 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.\n\"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.\"\nVince 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 pr...