Rhinebeck Bancorp authorizes repurchase of up to 247,506 shares (~5% of outstanding)

Rhinebeck Bancorp, Inc.

Repurchase authorization of up to 247,506 shares, approximately 5% of outstanding common stock (excluding MHC shares).
First buyback program since completing mutual holding company reorganization and IPO in January 2019.
Repurchases expected to commence after public release of Q3 2022 results (quarter ending Sept 30, 2022).
Program has no expiration date; shares may be repurchased via open market or private transactions.
Company not obligated to repurchase any specific number; timing depends on market conditions, stock price, etc.

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