Rhinebeck Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
Rhinebeck Bancorp, Inc., the holding company of Rhinebeck Bank, filed a Form 8-K dated January 31, 2024. The filing reports a management change under Item 5.02 and does not provide financial results for a reporting period.
Management Change
- Michael J. McDermott will retire as Chief Financial Officer effective May 31, 2024.
- Mr. McDermott has served as CFO since 2001, or nearly 23 years.
- The company expressed appreciation for his service and leadership.
- The retirement is not related to any disagreement concerning the company’s operations, policies, or practices.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, capital, or other financial metrics.
Outlook, Risks, and Unusual Items
The filing does not disclose financial guidance, an outlook, contingencies, or material risks associated with the retirement. It does not identify a successor CFO or describe transition arrangements.
Key Facts to Verify
- Confirm the effective retirement date of May 31, 2024.
- Monitor subsequent filings for the appointment and qualifications of a successor CFO.
- Review subsequent disclosures for any transition costs, changes in executive compensation, or effects on financial reporting and controls.