Poughkeepsie, N.Y.-based Rhinebeck Bancorp Inc. closed its minority stock offering Jan. 16, after receiving all regulatory approvals.
A total of 4,787,315 common shares were sold at $10 apiece. Rhinebeck Bancorp's employee stock ownership plan bought 436,425 common shares in the offering.
At the closing of the offering, Rhinebeck Bank became a wholly owned subsidiary of Rhinebeck Bancorp, and the latter became a majority-owned subsidiary of Rhinebeck Bancorp MHC. In connection with the restructuring of Rhinebeck Bank and Rhinebeck Bancorp into a two-tier mutual holding company structure, Rhinebeck Bancorp MHC disclosed in an ownership filing that it acquired 6,345,975 common shares of Rhinebeck Bancorp.
Rhinebeck Bancorp's common shares are expected to trade under the symbol RBKB starting Jan. 17.
The New York State Department of Financial Services and depositors of Rhinebeck Bank gave their approvals for the transaction.