Corporate ActionJul 17, 2026, 02:21 PM
Rhinebeck Bancorp Subscription Offering Oversubscribed; Conversion Closes July 21
AI Summary
Rhinebeck Bancorp, Inc. announced the successful results of its subscription offering, conducted in connection with the mutual-to-stock conversion of Rhinebeck Bancorp, MHC. The offering was significantly oversubscribed by eligible depositors, with orders exceeding the maximum offering range. The company also confirmed that existing shareholders will receive 1.3978 new shares for each existing share, resulting in approximately 15,638,237 shares outstanding post-transaction. The conversion and offering are expected to close on July 21, 2026, with new shares commencing trading on July 22, 2026.
Key Highlights
- Subscription offering for mutual-to-stock conversion expired on June 18, 2026.
- Offering was oversubscribed in the first tier by eligible depositors.
- Valid subscription orders exceeded the maximum offering range.
- Existing shareholders will receive 1.3978 new shares for each existing share.
- Cash in lieu of fractional shares will be paid at $10.00 per share.
- Total shares outstanding post-transaction expected to be 15,638,237.
- Conversion and offering are anticipated to close on Tuesday, July 21, 2026.
- New shares expected to begin trading on Nasdaq Capital Market on July 22, 2026.
Price Impact
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