Rhinebeck Bancorp Stockholders Approve Conversion, Must Sell 6.59M Shares for Closing
RBKB•Rhinebeck Bancorp stockholders and depositors approved on June 29, 2026 the Plan of Conversion and Reorganization to become a fully public stock holding company. Closing remains subject to regulatory approvals, sale of at least 6,587,500 shares and a final appraisal, with subscription offering expired June 18 and allocations pending.
1. Approval of Conversion Plan
On June 29, 2026, Rhinebeck Bancorp’s stockholders and depositors voted to adopt the Amended and Restated Plan of Conversion and Reorganization, transitioning from a mutual holding company structure to a fully public stock holding company.
2. Closing Conditions and Share Sale
The conversion closing is contingent upon final regulatory approvals, a minimum sale of 6,587,500 common shares and a final independent appraisal to determine the exact number of shares to be issued.
3. Subscription Offering and Next Steps
The subscription offering expired on June 18, with preliminary results indicating no community offering will be held. The company is processing subscription orders and will announce share allocations once regulatory clearance and appraisal results are obtained.
