Item 5.02 | Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On April 15, 2025, Rhinebeck Bancorp, Inc. (the “Company”), its wholly-owned subsidiary, Rhinebeck Bank (the “Bank”), and its mutual holding company, Rhinebeck Bancorp, MHC (the “MHC”), announced that Sharon McGinnis and Nancy K. Patzwahl have been appointed to the Board of Directors of the Company, the Bank and the MHC, effective April 15, 2025. Ms. McGinnis was appointed to each of the Compensation Committee and the Governance and Nominating Committee of the Board of Directors and Ms. Patzwahl was appointed to the Audit Committee of the Board of Directors.
Ms. McGinnis has served as Chief Human Resources Officer at Central Hudson Gas and Electric Corporation since 2024. Ms. McGinnis joined Central Hudson Gas and Electric Corporation in 2009 and has also held the positions of Senior Vice President of Human Resources and Vice President of Human Resources & Safety. Prior to that, she held the positions of Vice President of Human Resources at Dow Jones Local Media Group in Campbell Hall, New York, where she served from 2001 to 2009, and Assistant Vice President of Human Resources at Frontier Insurance Group in Rock Hill, New York, from 1999 to 2001. She also has served as a board member of United Way of the Dutchess & Orange Region since 2016, a member of the Fortis Executive DEI Council since 2022, and a founding member of the Fortis Women Executive Leadership Council since 2017. Ms. McGinnis was a member of the Compensation and Benefits Committee of the Hudson Valley Credit Union from 2016 to 2021. Ms. McGinnis’s extensive experience in human resources and corporate governance are significant resources for the Board of Directors.
There are no arrangements or understandings between Ms. McGinnis and any other persons pursuant to which she was selected as a director. There are no family relationships between Ms. McGinnis and any director, executive officer or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Ms. McGinnis pursuant to Item 404(a) of Regulation S-K.
Ms. Patzwahl is a certified public accountant and has been a principal at UHY Advisors Northeast, Inc., providing personal, corporate and partnership tax services, since 2020. From 1997 through 2019, she was a partner and shareholder at Pattison, Koskey, Howe & Bucci, CPAs, P.C. Previously, she worked as a senior manager at KPMG Peat Marwick. She has served as treasurer and trustee of Home for the Aged in Hudson, New York, since 2019, and as treasurer and trustee of Rheinstrom Hill Community Foundation in Hudson, New York, since 2014. Ms. Patzwahl previously served as a director of the National Union Bank of Kinderhook, where she was a member of the Audit Committee, from 2014 until its sale to Community Bank, N.A. in 2019. Ms. Patzwahl’s experience as a certified public accountant and bank director provide the Board of Directors with critical experience regarding accounting and financial matters, as well as governance experience.
There are no arrangements or understandings between Ms. Patzwahl and any other persons pursuant to which she was selected as a director. There are no family relationships between Ms. Patzwahl and any director, executive officer or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Ms. Patzwahl pursuant to Item 404(a) of Regulation S-K.
Item 8.01 Other Events.
On April 15, 2025, the Company issued a press release announcing the new director appointments. A copy of the press release is attached as Exhibit 99.1 to this Current Report.
Item 9.01Financial Statements and Exhibits.
99.1 Rhinebeck Bancorp, Inc. Press Release dated April 15, 2025.
104Cover Page Interactive Data File (embedded within the inline XBRL).
