POUGHKEEPSIE, NY – Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), the parent company of Rhinebeck Bank, today announced the appointment of Kevin Nihill as the new Chief Financial Officer for both the holding company and the bank. Nihill succeeds Michael McDermott, who retired after a 23-year tenure with the bank.
Kevin Nihill brings over two decades of experience in banking and corporate finance to his new position. His previous roles include Executive Vice President and Chief Financial Officer at St. Mary's Bank and Senior Vice President, Treasurer at Berkshire Bank. Nihill's responsibilities will encompass overseeing the company's financial operations, including financial reporting, regulatory compliance, tax duties, and managing the bank's budgeting process.
Rhinebeck Bank's President and CEO, Michael J. Quinn, expressed confidence in Nihill's capabilities, noting his extensive experience and enthusiastic leadership style. Quinn emphasized that Nihill's strategic insights and understanding of banking profitability are expected to contribute to the bank's efforts to serve the Hudson (NYSE:HUD) Valley, Capital Region, and surrounding communities.
A Chartered Financial Analyst® (CFA), Nihill holds an MBA in Finance from Rensselaer Polytechnic Institute and is also a Cornell University alumnus. He currently resides in Castleton-on-Hudson, NY with his family.
Rhinebeck Bank has been a fixture in the region's economic landscape for over 160 years, focusing on personal involvement in local businesses and community activities. The bank prides itself on its responsiveness to customer and community needs, which has been a factor in its sustained growth.
This executive transition is part of Rhinebeck Bancorp's ongoing commitment to leadership excellence and strategic business objectives. The information regarding this appointment is based on a press release statement.
InvestingPro Insights
As Rhinebeck Bancorp, Inc. (NASDAQ:RBKB) welcomes its new CFO Kevin Nihill, investors and stakeholders are likely evaluating the financial health and future prospects of the company. Recent data from InvestingPro provides a snapshot of Rhinebeck Bancorp's current financial position:
- With an adjusted market capitalization of $84.72 million, the company maintains a modest size in the banking sector.
- The Price-to-Earnings (P/E) ratio stands at 17.95, which adjusts slightly to 17.16 when considering the last twelve months as of Q1 2024, suggesting a stable earnings valuation relative to its share price.
- Despite a revenue decline of 7.07% over the last twelve months as of Q1 2024, Rhinebeck Bancorp has managed to remain profitable during this period.
InvestingPro Tips highlight some areas for investor consideration. Rhinebeck Bancorp has been profitable over the last twelve months, which aligns with the positive outlook shared by President and CEO Michael J. Quinn regarding the new CFO's contribution to the bank's profitability. However, the company suffers from weak gross profit margins, which could be an area of focus for Nihill as he takes on his financial oversight responsibilities. Additionally, it's notable that Rhinebeck Bancorp does not pay dividends to shareholders, which may influence investment decisions for those seeking regular income.
For those interested in a deeper analysis, InvestingPro offers more tips on Rhinebeck Bancorp, accessible at https://www.investing.com/pro/RBKB. Utilize coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and find out what other insights are available—there are 8 additional InvestingPro Tips to explore, providing a comprehensive understanding of Rhinebeck Bancorp's financial nuances.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.