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Rhinebeck Bank Believes in Newburgh

Rhinebeck Bank - Poughkeepsie, NY

2022 Community Committment Awards Submission

  • Community and Economic Development
  • Asset Size: Small

The City of Newburgh is an impoverished Hudson Valley municipality that has seen an exodus of residents and businesses, including banks. True to its roots as a community bank, Rhinebeck Bank began a relationship with the city that started via a loan program that was a cooperative initiative with Hudson Valley Pattern for Progress, a nonprofit planning agency. This loan program, in support of the 'Newburgh Creative Neighborhood,' was so successful, more bank funds were added to support economic development in the city's business corridor. This led to discussions with the Mayor and others to locate a Rhinebeck Bank branch in the heart of the city, where no other bank's branches existed. Nearly one year ago, after all other banks in that area closed, Rhinebeck Bank opened a new branch, which became the most successful opening in our 162-year history. We added a Bank On-certified account to help unbanked customers and those who had negative relationships with prior financial institutions, and located the branch near a major check-cashing storefront operation, giving residents an opportunity to meet their financial needs without predatory fees such establishments charge. Rhinebeck Bank is actively involved in Newburgh, funding several nonprofits, establishing a scholarship in the city's only baccalaureate institution of higher education, and being the lead funder for a revived festival that instills community pride and attracts 50,000 visitors to the city for the day. Our use of the phrase 'Rhinebeck Bank Believes in Newburgh,' which is exhibited on a banner at the bank and a huge billboard in the heart of the city, is a confidence booster for the city and a reminder to other businesses Newburgh is at the early stages of a renaissance and worthy of investment and enhancement, which Rhinebeck Bank is proud to support.