Depositors of Poughkeepsie, N.Y.-based Rhinebeck Bank have approved a reorganization plan and minority stock issuance of the bank and its mutual holding company, Rhinebeck Bancorp MHC.
Under the plan, Rhinebeck Bank and Rhinebeck Bancorp MHC will reorganize to a two-tier mutual holding company structure through the formation of Rhinebeck Bancorp Inc., which will become a unit of Rhinebeck Bancorp MHC and the parent of Rhinebeck Bank. Rhinebeck Bancorp will issue 43% of its common shares to eligible depositors and the remaining shares will be issued to Rhinebeck Bancorp MHC.
In addition, Rhinebeck Bancorp received orders in excess of 4,787,315 shares, the adjusted maximum of the offering range, in its subscription offering that closed Dec. 13, 2018.
The company also did not receive the requisite vote to establish and fund a charitable foundation in connection with the reorganization.
The reorganization and stock offering is expected to close in mid-January, following which Rhinebeck Bancorp will begin trading on the Nasdaq Capital Market under the symbol RBKB.