Karen E. Morgan-D'Amelio, Chief Risk Officer, General Counsel, and Corporate Secretary at Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), recently sold shares of the company's common stock. According to a recent SEC filing, Morgan-D'Amelio sold a total of 1,536 shares on November 29. The shares were sold at prices ranging from $9.78 to $9.86 per share, resulting in a total transaction value of $15,102. The transaction comes as RBKB shares trade near their 52-week high of $10.24, having gained over 54% in the past year. InvestingPro analysis suggests the stock is currently trading above its Fair Value.
Following these sales, Morgan-D'Amelio holds no additional shares directly. However, she maintains indirect ownership of 4,932 shares through a 401(k) plan and 2,480 shares through an Employee Stock Ownership Plan (ESOP). Additionally, she holds stock options for 22,000 shares, which are fully vested. The $107.44 million market cap company has shown strong momentum, with a 25% gain over the past six months. InvestingPro subscribers can access additional insights, including 6 more key tips about RBKB's performance and financial health.
In other recent news, Rhinebeck Bancorp has made significant strategic moves. The company has sold $71 million of its available-for-sale securities, reinvesting the proceeds into new securities with yields 3.11% higher than those sold. This restructuring is anticipated to boost the bank's earnings per share by $0.12 and its net interest margin by 0.17% over the next year, starting in the fourth quarter of 2024, despite a one-time pre-tax loss of $12.0 million.
Rhinebeck Bancorp has also announced changes to its executive leadership. The contracts of President and CEO Michael J. Quinn, and Jamie J. Bloom, EVP, COO & Chief Banking Officer, will not be renewed, effective December 31, 2026. This move is part of a strategy to standardize employment contracts and is not performance-related.
Simultaneously, the company has appointed Kevin Nihill as the new Chief Financial Officer, succeeding Michael McDermott. Nihill, who has over 20 years of experience in banking and corporate finance, will oversee financial operations, including reporting, regulatory compliance, tax duties, and budgeting. These recent developments are part of Rhinebeck Bancorp's commitment to leadership excellence and strategic business objectives.
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