Kinderhook Bank Corp. in New York has a new chairman.
The parent of National Union Bank of Kinderhook said Wednesday that Scott Shallo, a member of the board since 2006, succeeded Brian Kelly as chairman.
Kelly, who had been chairman for nearly 15 years, resigned "for personal reasons," a Kinderhook spokeswoman told American Banker. Kelly was elected to the board in 1995 and will remain a director.
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Kinderhook Bank in New York has raised $7.4 million after selling preferred stock.
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Kinderhook Bank in New York has promoted its chief financial officer to become its new chief executive.
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Shallo is a certified public accountant and an attorney with Guterman, Shallo & Alford in Hudson, N.Y. He is a member of the New York State Bar Association, focusing on real property law, elder law and trusts and estate.
"Scott shares the same vision for the continuation of our growth and he brings a unique combination of the financial and legal expertise to help us achieve that growth," John Balli, the holding company's president and CEO, said in a press release.
In June the bank hired
Kinderhook had assets of $433 million at March 31.
