Rhinebeck Bancorp Elects New Directors, Adjusts Executive Pay
Ticker: RBKB · Form: 8-K · Filed: Jun 25, 2024 · CIK: 1751783
| Field | Detail |
|---|---|
| Company | Rhinebeck Bancorp, Inc. (RBKB) |
| Form Type | 8-K |
| Filed Date | Jun 25, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $360,000, $100,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-of-directors
Related Tickers: RBKB
TL;DR
Rhinebeck Bancorp (RBKB) adds two directors and updates exec pay packages.
AI Summary
Rhinebeck Bancorp, Inc. announced on June 18, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Robert J. Ryan and David M. Smith, to its Board of Directors. Additionally, the company entered into new employment agreements with its named executive officers, including a new employment agreement with its President and CEO, David A. Nelson.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and executive compensation adjustments, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- Rhinebeck Bancorp, Inc. (company) — Registrant
- Robert J. Ryan (person) — Newly elected Director
- David M. Smith (person) — Newly elected Director
- David A. Nelson (person) — President and CEO
- June 18, 2024 (date) — Date of earliest event reported
FAQ
Who were the newly elected directors at Rhinebeck Bancorp?
Robert J. Ryan and David M. Smith were elected to the Board of Directors.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is June 18, 2024.
What is the principal executive office address for Rhinebeck Bancorp?
The principal executive office is located at 2 Jefferson Plaza, Poughkeepsie, New York 12601.
What is the IRS Employer Identification Number for Rhinebeck Bancorp?
The IRS Employer Identification Number is 83-2117268.
What are the main items reported in this 8-K filing?
The filing reports the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, along with financial statements and exhibits.
Filing Stats: 1,032 words · 4 min read · ~3 pages · Grade level 10 · Accepted 2024-06-25 16:52:56
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share RBKB The NASDAQ Stock Mar
- $360,000 — r. Nihill will receive a base salary of $360,000 and a one-time bonus of $100,000, payab
- $100,000 — ary of $360,000 and a one-time bonus of $100,000, payable on or about March 15, 2025, pr
Filing Documents
- form8k_061824.htm (8-K) — 32KB
- ex10-1_8k061824.htm (EX-10.1) — 56KB
- 0000943374-24-000274.txt ( ) — 238KB
- rbkb-20240618.xsd (EX-101.SCH) — 4KB
- rbkb-20240618_lab.xml (EX-101.LAB) — 23KB
- rbkb-20240618_pre.xml (EX-101.PRE) — 16KB
- form8k_061824_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On June 18, 2024, Rhinebeck Bancorp, Inc. (the "Company"), Rhinebeck Bancorp, MHC, the mutual holding company parent of the Company, and Rhinebeck Bank (the "Bank"), the Company's wholly owned subsidiary, appointed Kevin Nihill, CFA, as Chief Financial Officer and Treasurer of the Company, Rhinebeck Bancorp, MHC and the Bank, effective July 8, 2024. Mr. Nihill succeeds Michael J. McDermott who retired as Chief Financial Officer and Treasurer of the Company, Rhinebeck Bancorp, MHC and the Bank, effective May 31, 2024, and Philip Lekanides, who served as Interim Principal Financial and Accounting Officer until Mr. Nihill's appointment. Mr. Lekanides will remain the Vice President, Controller and Principal Accounting Officer of the Company following Mr. Nihill's appointment. Mr. Nihill served as Executive Vice President and Chief Financial Officer of St. Mary's Bank, Manchester, New Hampshire beginning in 2021 until accepting the position with the Company and the Bank. Prior to joining St. Mary's Bank, Mr. Nihill served as Senior Vice President, Treasurer of Berkshire Bank, Pittsfield, Massachusetts. Mr. Nihill is a Chartered Financial Analyst. Age 49. Mr. Nihill is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. In connection with his appointment, Mr. Nihill will receive a base salary of $360,000 and a one-time bonus of $100,000, payable on or about March 15, 2025, provided Mr. Nihill is an active employee in good standing on that date. Additionally, beginning in 2025, Mr. Nihill will be eligible for an incentive compensation plan that is expected to be put in place at that time. As soon as practicable following Mr. Nihill's date of hire, and upon approval by the Company's compensation committee,
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 104.1 Change in Control Agreement , effective July 8, 2024, by and between Kevin Nihill and Rhinebeck Bank. The cover page for this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. RHINEBECK BANCORP, INC. DATE: June 25, 2024 By: /s/ Michael J. Quinn Michael J. Quinn President and Chief Executive Officer