Rhinebeck Bancorp has launched a stock offering of up to 8,912,500 common shares at $10.00 each in a subscription and community offering structure. At least 6,587,500 shares must be sold to complete the second-step conversion from mutual to stock holding company, pending regulatory, stockholder and depositor approvals.
Rhinebeck Bancorp is offering up to 8,912,500 common shares at $10.00 each through a subscription offering to eligible depositors and tax-qualified employee benefit plans, followed by a community offering with local resident preference.
The company must sell at least 6,587,500 shares to complete its second-step conversion from a mutual holding company to a stock holding company, subject to final approvals from regulators, stockholders and depositors.
Completion of the offering and conversion is contingent on customary closing conditions, receipt of regulatory approvals, and approval votes by Rhinebeck Bancorp stockholders and Rhinebeck Bank depositors, with Keefe Bruyette & Woods serving as marketing agent.
