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POUGHKEEPSIE, N.Y. - Frederick L. Battenfeld has retired from the boards of directors of Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), its subsidiary Rhinebeck Bank, and Rhinebeck Bancorp, MHC, effective May 21, 2025, according to a company press release. The $125 million market cap bank has seen its stock surge over 50% in the past year, according to InvestingPro data.
Battenfeld, a fourth-generation owner of F.W. Battenfeld & Son, a family-run farm in Red Hook, N.Y., had served on the bank’s board since 1995, succeeding his father Richard. During his 30-year tenure, he chaired the Audit committee and served on the Loan Review committee.
"Fred has been a valuable board member and has greatly contributed to Rhinebeck Bank becoming the premier community bank that we are today," said Bill Irwin, Chairman of Rhinebeck Bank’s board of directors.
Battenfeld was also known for his community service, including volunteer work with the Dutchess County Fair, where he previously served as president.
Rhinebeck Bank has operated in the Hudson Valley region for more than 165 years. Rhinebeck Bancorp, Inc. is the Maryland-incorporated mid-tier holding company of the bank and is majority-owned by Rhinebeck Bancorp, MHC.
In other recent news, Rhinebeck Bancorp, the parent company of Rhinebeck Bank, has announced the impending retirement of its President and CEO, Michael J. Quinn. Quinn, who has served as CEO for two decades, plans to retire by the end of the year or when a successor is appointed. During his tenure, the bank saw a significant 246% increase in assets and expanded its service footprint. The Board of Directors has initiated a comprehensive search for a new CEO, utilizing an executive search firm to consider both internal and external candidates. Bill Irwin, Chair of the Board, commended Quinn for his substantial contributions to the bank’s growth and development. Quinn expressed gratitude for his leadership role and attributed the bank’s success to its employees and stakeholders. Rhinebeck Bank is committed to finding a successor who will uphold its values of integrity, accountability, and community service.
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