February 18, 2021
SUPERINTENDENT LACEWELL ANNOUNCES DFS APPROVES NEW BANK BRANCH
Rhinebeck Bank to Open and Operate New Branch in Newburgh, New York
Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Rhinebeck Bank to open and operate a new branch office in Newburgh, Orange County, New York.
“A variety of banking options for the community is especially important during the pandemic as many people have reduced their movements,” said Superintendent Lacewell. “Rhinebeck Bank now has DFS approval to operate a new branch in Newburgh, which will provide accessible and affordable banking services to residents and small businesses.”
With the new additional branch offices in Middletown, Monroe, and Warwick, Rhinebeck Bank will operate 15 branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties. As of December 31, 2020, Rhinebeck Bank had total assets of $1.1 billion.
“We believe in the city of Newburgh and in our ability to contribute to the success of residents and commercial entities throughout Orange County,” said Rhinebeck Bank President and CEO Michael J. Quinn. “We’ll work closely with municipal and business leaders to promote Newburgh, as we already have with our support of the Newburgh Creative Neighborhood, and to pursue smart, sustained growth in both residential and commercial markets. Thanks to DFS's approval and the hiring of a great team familiar with and well-known in Newburgh, we expect to open the Broadway branch in the second quarter this year."
The new Rhinebeck Bank branch would be a full-service branch open to the general public at 456 Broadway, Newburgh, New York.