Rhinebeck Bancorp adopts second-step conversion; MHC to merge into Company, stock offering planned

Rhinebeck Bancorp, Inc.

MHC currently owns ~57% of RBKB shares and will cease to exist upon completion.
Minority stockholders' shares will be exchanged using a ratio designed to preserve their ownership percentages.
Subscription offering gives eligible depositors (record date Dec 31, 2024) first priority to buy shares.
Proceeds from the stock offering will reflect the MHC's ownership interest; share price set by independent appraisal.
Expected closing in Q3 2026, conditioned on regulatory approval and stockholder/depositor votes.

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