Corporate ActionJun 29, 2026, 04:43 PM
Rhinebeck Bancorp Stockholders Approve Conversion Plan
AI Summary
Rhinebeck Bancorp, Inc. announced that its stockholders and the depositors of Rhinebeck Bank approved the Amended and Restated Plan of Conversion and Reorganization. This plan will convert Rhinebeck Bancorp, MHC from a mutual holding company to a fully public stock holding company structure. The conversion's closing is contingent on final regulatory approvals and the sale of at least 6,587,500 shares of common stock, with the subscription offering having already expired.
Key Highlights
- Stockholders approved the Amended and Restated Plan of Conversion and Reorganization.
- 10,108,446 votes For and 7,369 Against the conversion plan (including MHC votes).
- Depositors of Rhinebeck Bank also approved the conversion plan.
- Conversion remains subject to final regulatory approvals and sale of at least 6,587,500 shares.
- Subscription stock offering expired June 18, 2026; no community offering will be held.
Price Impact
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