Though it is unclear why Rhinebeck Bancorp is looking to form Rhinebeck Commercial Bank, other mutual banks have pursued the strategy to work around a state law barring them from working with municipalities.
Richard Yeager's promotion comes at a time of growth for the New York-based institution, including having recently been granted a field-of-membership expansion.
John Lewis, who is currently general counsel for the New York-based credit union, will take over for CEO William Predmore, who is retiring at the end of the year.
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
A deal between Dime Community and Bridge Bancorp was delayed, and nearly derailed, by the coronavirus outbreak. Here’s how the two sides kept it on track.
Before the pandemic emptied the city, few lenders benefited from the heady local real estate market as much as regional players New York Community Bancorp and Signature Bank. Now they're becoming a case study for potential trouble from a sudden downturn in the Big Apple's property sector.
