Rhinebeck Bancorp, Inc. completed its "second-step" conversion from a two-tier mutual holding company structure to a fully-public stock holding company. The company sold 8,880,210 shares of common stock at $10.00 per share. Existing public stockholders had their shares converted into new common stock at an exchange ratio of 1.3978. Following the conversion, offering, and exchange, the company has 15,638,237 shares of common stock outstanding, excluding fractional share adjustments. Rhinebeck Bancorp, Inc. is a bank holding company for Rhinebeck Bank, a New York-chartered stock savings bank.
