Rhinebeck Bancorp, Inc. Form 8-K Summary
Business context and reporting period
Rhinebeck Bancorp, Inc., the holding company of Rhinebeck Bank, filed a current report dated April 19, 2024. The filing reports management changes under Item 5.02 and does not provide financial results for a reporting period.
Key financial metrics and liquidity
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, capital, or other financial metrics.
Material changes
- Michael J. McDermott, Chief Financial Officer, announced his retirement on January 31, 2024, effective May 31, 2024.
- Phillip Lekanides, the Company’s Vice President and Controller, will become Interim Principal Financial and Accounting Officer effective June 1, 2024.
- Mr. Lekanides will retain his existing responsibilities while also managing the principal financial and accounting officer functions until a permanent replacement is appointed.
- During the interim assignment, Mr. Lekanides will receive his normal salary plus a temporary stipend of $4,500 per month.
Outlook, risks, contingencies, and unusual items
The filing does not provide earnings guidance, an outlook, or financial contingencies. The principal disclosed item is the planned transition in the Company’s senior financial and accounting leadership. Mr. Lekanides has served as Vice President and Controller since May 1, 2021 and has been with Rhinebeck Bank since 2011 in several finance and lending roles.
The Company disclosed no other arrangements or understandings related to Mr. Lekanides’s appointment, no family relationships with directors, executive officers, or employees, and no material related-party interests requiring disclosure under Item 404(a) of Regulation S-K.
Important facts for investors to verify
- Confirm that Mr. McDermott’s retirement became effective May 31, 2024.
- Confirm the June 1, 2024 effective date and scope of Mr. Lekanides’s interim appointment.
- Monitor the timing and qualifications of the permanent replacement for the principal financial and accounting officer role.
- Assess any future disclosures regarding transition costs, reporting controls, or changes in financial reporting risk.