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Rhinebeck Bancorp Inc. offering common shares as part of reorganization plan

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Rhinebeck Bancorp Inc. offering common shares as part of reorganization plan

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.