Daniel Rifkin
About Daniel Rifkin
Independent director of ConnectOne Bancorp, Inc. since 2019; age 54. Certified public accountant since 1993, Managing Partner of Rifkin & Company, LLP since 1999, and President of Payserv Corporation. Joined CNOB’s Board with the acquisition of Greater Hudson Bank, where he served as Vice Chairman (2008–2019) and Audit Committee Chair for ~5 years, bringing accounting and audit oversight expertise to CNOB’s Audit & Risk Committee . CNOB discloses no other current public company directorships for any director; all directors attended the 2024 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Greater Hudson Bank | Vice Chairman | 2008–2019 | Audit Committee Chair for ~5 years; governance and audit oversight experience |
| Rifkin & Company, LLP | Managing Partner | 1999–Present | Provides accounting services (tax planning, audits, reviews); CPA since 1993 |
| Payserv Corporation | President | Not disclosed (current) | Payroll processing and HR management leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hackley School (Tarrytown, NY) | Trustee | Not disclosed | Non-profit board role |
| St. Thomas Aquinas College (Sparkill, NY) | Trustee | Not disclosed | Non-profit board role |
| American Institute of CPAs; NY State Society of CPAs | Member | Not disclosed | Professional affiliations |
Board Governance
- Committee assignments: Member, Audit & Risk Committee (not chair) .
- Audit & Risk Committee met eight times during 2024; all members independent and financially literate; chair qualifies as SEC “audit committee financial expert” .
- Independence: CNOB states a majority of the Board is independent under NASDAQ rules. Board reviewed related party branch leases (including interests held by Rifkin) and concluded they do not impair independent judgment given the scale vs. personal net worth/cash .
- Attendance: Board held 15 meetings in 2024; each director attended at least 75% of Board and committee meetings on which they served .
- Lead Independent Director: Stephen T. Boswell; presides over executive sessions of non-management directors and liaises with the Chair/CEO .
- Majority voting standard in bylaws for uncontested elections with irrevocable resignations upon sub-majority outcomes; enhances shareholder accountability .
Fixed Compensation
| Component (2024) | Amount | Detail |
|---|---|---|
| Fees earned or paid in cash | $85,000 | Includes Board retainer and committee stipends applicable to Rifkin |
| Stock awards (restricted shares) | $60,000 | Annual director equity grant |
| Total | $145,000 | Sum of cash and equity |
| Shares granted (2024) | 3,219 | Restricted shares subject to forfeiture as part of annual retainer |
| Standard director retainers (policy) | $60,000 cash; $60,000 equity | Annual for all non-employee directors |
| Committee chair stipends | $25,000 Audit & Risk; $13,500 Compensation; $12,000 Nominating & Corporate Governance | Cash stipends |
| Committee member stipends (non-chair) | $10,000 Audit & Risk; $6,000 Compensation; $6,000 Nominating & Corporate Governance | Cash stipends |
| Lead Independent Director stipend | $15,000 | Cash stipend (Boswell, not Rifkin) |
CNOB’s insider trading policy prohibits hedging and pledging by directors and executives (grandfathered pledges pre‑Nov 23, 2021 remain) .
Performance Compensation
- CNOB does not disclose performance-based components tied to director compensation; director pay consists of fixed cash retainer, committee stipends, and annual restricted stock grants subject to forfeiture (no performance metrics) .
Other Directorships & Interlocks
| Category | Item | Detail |
|---|---|---|
| Public company directorships | None | CNOB discloses no director serving on other public company boards currently |
| Related party transactions | Bardonia branch landlord LLC | Rifkin owns ~50% of LLC owning CNOB’s Bardonia, NY branch; 2024 rent $296,082; term ends Aug 31, 2028; +3% annual increase; option to extend 5 years |
| Related party transactions | Blauvelt branch landlord LLC | Rifkin owns ~50% of LLC owning CNOB’s Blauvelt, NY branch; 2024 rent $119,055; term ends Feb 28, 2028; increases per lease |
| Independence conclusion | Board evaluation | Board concluded these interests do not impair independent judgment due to payment scale vs. personal financials |
Expertise & Qualifications
- CPA with finance, audit, and tax expertise; member of AICPA and NYSSCPA; long-tenured accounting firm leadership and payroll/HR systems experience, adding financial and operational oversight skills valuable to Audit & Risk .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (common stock) | 218,496 shares | 0.57% of outstanding shares |
| Breakdown | 16,194 shares in Stifel Nicolaus IRA; 154,994 shares jointly with spouse; 16,856 shares in spouse’s Stifel Nicolaus IRA | Footnote details |
| Pledged shares | None disclosed for Rifkin | CNOB policy prohibits pledging (grandfathered exceptions exist; Kempner disclosed pledge; Rifkin no pledge noted) |
| Director stock ownership guideline | 5× (annual cash retainer + value of annual equity award) | Compliance period 5 years; committee monitors annually |
Governance Assessment
- Board effectiveness: Rifkin’s audit background and prior committee chair experience strengthen CNOB’s Audit & Risk oversight; high meeting cadence (8 in 2024) and majority independence support robust financial governance .
- Alignment: Meaningful share ownership (0.57%) and policy requiring significant director stock holdings promote alignment; prohibition on hedging/pledging enhances investor confidence (no pledges disclosed for Rifkin) .
- Conflicts: Direct ownership interests in branch landlord entities represent related-party exposure; transparency on rent amounts/terms is good practice, but these are potential perceived conflicts. The Board’s independence determination mitigates concern; continued disclosure and third‑party benchmarking of lease terms are advisable .
- Shareholder signals: Majority voting bylaw with irrevocable resignations increases accountability; 2024 say‑on‑pay support was strong at 95.2%, indicating broader governance credibility with investors .
- Overall: Rifkin appears engaged (attendance standard met), independent per Board determination, and additive to audit oversight. The branch landlord relationships are the primary governance risk to monitor; otherwise, director pay structure is standard and equity-based retainer supports alignment .