NEWBURGH – Rhinebeck Bancorp, Inc. (NASDAQ: RBKB), the holding company of Rhinebeck Bank, has received all the regulatory approvals required to continue its expansion in Orange County with the opening of a new branch at 456 Broadway in the town of Newburgh this spring.
The new branch, located in the commercial heart of Newburgh, will provide individuals, families and businesses with a full range of banking and lending services. Rhinebeck Asset Management, a division of Rhinebeck Bank, will provide a variety of financial planning services to individuals and businesses from its office located in this new branch.
“We believe in the Town of Newburgh and in our ability to contribute to the success of the residents and businesses of Orange County,” said Michael J. Quinn, President and CEO of Rhinebeck Bank. “We will work closely with city and business leaders to promote Newburgh, as we have already done with our support of Newburgh Creative Neighborhood, and to pursue smart and sustained growth in the residential and commercial markets. “
In the spring of 2018, Rhinebeck Bank bolstered Newburgh Creative Neighborhood’s Hudson Valley Pattern for Progress efforts by establishing a $ 3 million loan fund. In January 2021, the board of directors of Rhinebeck Bank increased the fund to $ 4 million. This fund guarantees term loans, including express business loans, equipment and vehicle purchases, leasehold improvements and real estate transactions at favorable prices, advance rates and terms to potential borrowers in the Creative District of Newburgh. .
“The opening in Newburgh will provide local businesses with the opportunity to establish a relationship with a true community bank that is as committed to the city of Newburgh as they are,” said Philip Bronzi, senior vice president and director commercial loans. “Our Newburgh Creative Neighborhood Loan Fund has been instrumental in the revitalization of several Newburgh businesses and properties and we look forward to continuing this investment in Newburgh and supporting businesses there.”
Vince Aurigemma, Vice President, Residential Lending, highlighted the opportunity the Bank will provide to those in the region looking to buy a home. “Home ownership is the foundation for 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 make their dreams of home ownership a reality.
Newburgh City Mayor Torrance Harvey said, “We are all delighted that Rhinebeck Bank is opening a branch in our great city. The services and benefits this will bring to our residents and the business community are exponential. The teamwork that led to this project, as well as our partner’s desire and willingness to open a store in Newburgh speaks volumes about their commitment to our community.
“Rhinebeck Bank has a long and accomplished history of helping people and businesses thrive,” said City Manager Joseph Donat. “They go above and beyond to be a true community partner and the City of Newburgh couldn’t be happier to see them opening a branch in the heart of our downtown corridor. It’s a fabulous way to start the New Year and will undoubtedly lay the foundation for a successful future for our city, its residents and business owners.
The new branch will be managed by branch manager Mario Jimenez and branch team leader Sergio Valentin. Diane Passaro, Vice President – Orange County Market Manager, a veteran of Orange County banking and lending who joined Rhinebeck Bank last year, will oversee the operations of the Newburgh branch and continue to facilitate new opportunities. growth in Orange County going forward.
The Newburgh branch will be Rhinebeck Bank’s fourth branch in Orange County, joining the villages of Goshen, Monroe and Warwick. Rhinebeck Asset Management is headquartered in Montgomery.
“We are delighted to expand our presence in Orange County,” said Mark Malone, Senior Vice President, Retail Banking. “Our Newburgh team are experienced, familiar and connected to the city, and will be an active and visible presence in the community. “