Rhinebeck Bancorp Inc. has registered for sale 5,313,617 common shares with a proposed maximum aggregate offering price of $53.1 million, estimated to calculate the registration fee.
That amount includes 1,432,383 common shares to be purchased by certain Rhinebeck Bank eligible depositors and Rhinebeck Bank's tax-qualified employee benefit plans.
The shares are offered in connection with the reorganization of Rhinebeck Bank, a New York-chartered saving bank, and Rhinebeck Bancorp MHC, a New York-chartered mutual holding company, into the two-tier mutual holding company structure through the formation of Rhinebeck Bancorp Inc., a Maryland-chartered corporation.
Rhinebeck Bancorp Inc.'s common shares are expected to be listed on the Nasdaq Capital Market under the symbol RBKB.
Poughkeepsie, N.Y.-based Rhinebeck Bank is a unit of Rhinebeck Bancorp MHC.