Rand Capital Corporation announced that Erland (“Erkie”) E. Kailbourne, a director since 1999, has been named Chairman of the Board effective immediately. Robert M. Zak, director since 2005, will remain as Vice Chairman of the Board. Mr. Kailbourne has served on several committees as a member of the Rand Board of Directors over the last 19 years. He also serves as Chairman of the Board of Albany International Corporation, where he has been a director since 1999. He is currently a director for Financial Institutions Inc. and will be retiring his position at their annual meeting in June. He was formerly the Chairman and Chief Executive Officer (New York Region) of Fleet National Bank. The Rand Board of Directors is now comprised of five directors including Mr. Kailbourne. The Board intends to add another member in the near future.