Rhinebeck Bank President and CEO Michael J. Quinn to Retire After 40 Years of Service; Board Initiates Leadership Transition
Rhea-AI Summary
Rhinebeck Bancorp (NASDAQ:RBKB) announced that President and CEO Michael J. Quinn will retire after 40 years of service, including 20 years as CEO. During Quinn's leadership, the bank experienced significant growth with assets increasing by 246%, expanded its footprint, and successfully transitioned to becoming a publicly traded company.
The Board of Directors has initiated a comprehensive search for Quinn's successor, engaging an executive search firm to evaluate both internal and external candidates. Quinn will continue serving as President and CEO until either a successor is appointed or the end of the year.
Under Quinn's tenure, the bank strengthened its community impact while maintaining core values of integrity, accountability, and community service. The bank maintains a strong capital position and is positioned for continued growth and innovation.
Positive
- Significant asset growth of 246% under Quinn's leadership
- Successful transition to becoming a publicly traded company
- Strong capital position maintained
- Planned and orderly CEO succession process in place
Negative
- Potential leadership uncertainty during transition period
- Risk of strategic direction change under new leadership
News Market Reaction – RBKB
On the day this news was published, RBKB declined 2.67%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
POUGHKEEPSIE, NY / ACCESS Newswire / March 21, 2025 / Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), the holding company for Rhinebeck Bank (the "Bank"), today announced that President and Chief Executive Officer Michael J. Quinn will retire following an extraordinary 40-year career with the Bank, including 20 years as CEO. During his tenure, Mr. Quinn led the Bank through a period of transformational change expanding its footprint, increasing assets by
In preparation for this transition, and in accordance with the Bank's succession plan, the Board of Directors has initiated a comprehensive search for the Bank's next CEO, utilizing an executive search firm to evaluate both internal and external candidates. Mr. Quinn will remain as President and Chief Executive Officer until the earlier of when a successor is found or the end of the year.
"Michael's leadership has left an indelible mark on Rhinebeck Bank," said Bill Irwin, Chair of Rhinebeck Bank's Board of Directors.
Reflecting on his career, Michael J. Quinn stated: "Serving as Rhinebeck Bank's CEO has been one of the greatest honors of my life. Our achievements are a direct result of our dedicated employees and the trust placed in us by our customers and shareholders. I am immensely proud of what we have built together. As I look ahead to retirement, I am confident that the Bank is well-positioned for continued success."
Looking to the future, Rhinebeck Bank remains committed to its core values of integrity, accountability, and community service.
"We are focused on identifying a leader who will build on the Bank's strong foundation while positioning us for the next chapter of innovation and growth," added Mr. Irwin. "With a talented team, a strong capital position, and a history of adaptability, Rhinebeck Bank is poised for even greater impact in the years ahead."
About Rhinebeck Bank
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.
Media Contact
William C. Irwin, Chairman of the Board
(845) 790-1514
SOURCE: Rhinebeck Bancorp, Inc.
View the original press release on ACCESS Newswire
FAQ
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