Rhinebeck Bancorp, Inc. on January 31, 2024, announced the retirement of Michael J. McDermott, Chief Financial Officer of the Company. Mr. McDermott will continue serving with the Company until his retirement is effective on May 31, 2024. The current Vice President and Controller of the Company, Phillip Lekanides, has been named Interim Principal Financial and Accounting Officer effective June 1, 2024, and will manage the responsibilities of the principal financial and accounting officer in addition to his current responsibilities until a permanent replacement is named.

Mr. Lekanides, age 44, has served as Vice President and Controller of the Company since May 1, 2021. Mr. Lekanides has been with the Bank since 2011 serving as VP Financial Planning and Analysis, AVP Finance, AVP, Residential Mortgage Lending, and Real Estate Lending Manager before assuming his current position. Mr. Lekanides will receive his normal salary plus a temporary stipend of $4,500 per month while Mr. Lekanides serves in the role of Interim Principal Financial and Accounting Officer.