Thursday, January 17, 2019

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Rhinebeck Bank goes public

POUGHKEEPSIE – Rhinebeck Bank, which has served the Hudson Valley since 1860, has received all of the required approvals needed to become a publicly traded company this week. 

Shares of common stock are expected to begin trading on the Nasdaq Capital Market on Thursday, January 17 under the symbol "RBKB". Over 4.7 million shares are expected to open trading at $10 per share. 

The offering gave current depositors of the bank an opportunity to reserve shares before trading begins.  The offering is part of a restructuring of the bank which will become a wholly-owned subsidiary of Rhinebeck Bancorp Inc., which will become the majority-owned subsidiary of Rhinebeck Bancorp, MHC.

Of the decision to offer investors a chance to buy shares of the bank, President and CEO Michael Quinn said "the Board of Directors believes there are growth opportunities available for the bank to increase its capital.  We believe our decision positions the bank for success as the banking industry evolves over future years." 

When asked if the offering will change the 'local bank' feel that current customers enjoy, Quinn said their commitment to their customers, communities, and employees will not change as a result of this transaction. “There will be no change to our local bank service and our understanding of the marketplace.  Our management and our board remain in place as we pursue this opportunity to become stronger and more effective in serving the needs of our communities."

Rhinebeck Bank has served the banking needs of its customers in the central Hudson Valley region for over 150 years. It operates from its executive offices/headquarters in Poughkeepsie with 11 branch offices in Dutchess, Orange and Ulster counties.

At September 30, 2018, the bank (and its parent Rhinebeck Bancorp, MHC) had consolidated total assets of $819.7 million, total deposits of $691.7 million and total equity of $57.0 million.

 


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