Rhinebeck Bancorp begins stock offering for mutual conversion

Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) announced it has commenced a stock offering in connection with its proposed conversion from a mutual holding company to a stock holding company structure.

The Poughkeepsie, New York-based bank holding company is offering up to 8,912,500 shares of common stock at $10.00 per share. The offering targets eligible depositors of Rhinebeck Bank and the bank's tax-qualified employee benefit plans through a subscription offering.

Shares not purchased in the subscription offering may be sold to the general public in a community offering. Priority will be given to residents of Albany, Dutchess, Orange and Ulster Counties in New York, followed by existing stockholders as of April 30, 2026, and then the general public.

The company must sell at least 6,587,500 shares to complete the conversion. The transaction requires final regulatory approvals, stockholder and depositor approvals, and satisfaction of other closing conditions.

Keefe Bruyette & Woods, Inc. serves as marketing agent for the offering. A Stock Information Center is available at (877) 643-8198 from 10:00 a.m. to 4:00 p.m. Eastern time, Monday through Friday, beginning May 26, 2026.

Rhinebeck Bank operates 12 full-service banking offices and two representative offices in New York's Albany, Dutchess, Orange and Ulster Counties. The bank is headquartered in Poughkeepsie, New York.

The information is based on a company press release statement.

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