Corporate ActionJul 21, 2026, 05:21 PM
Rhinebeck Bancorp Completes Conversion & $88.8M Stock Offering
AI Summary
Rhinebeck Bancorp, Inc. announced the completion of its "second-step" conversion from a two-tier mutual holding company structure to a fully-public stock holding company structure. Concurrently, the company completed a stock offering, selling 8,880,210 shares at $10.00 per share. As a result, the Rhinebeck Bancorp, MHC has ceased to exist, and the company now has 15,638,237 shares of common stock outstanding.
Key Highlights
- Completed "second-step" conversion to a fully-public stock holding company structure.
- Rhinebeck Bancorp, MHC ceased to exist following the conversion.
- Sold 8,880,210 shares of common stock in the offering at $10.00 per share.
- Existing public shares converted at an exchange ratio of 1.3978.
- Total 15,638,237 shares of common stock outstanding after the conversion and offering.
- DRS book-entry statements and interest/refund checks for subscribers mailed around July 21, 2026.
- Checks for cash in lieu of fractional shares for existing shareholders mailed around July 24, 2026.
Price Impact
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