Rhinebeck Bancorp completes second-step conversion, raises $88.8M at $10/share

Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read

Key Changes

• high

  Completed second-step conversion on July 21, 2026, eliminating mutual holding company structure and raising $88.8M gross proceeds by selling 8.88M shares at $10.00 per share; existing public shareholders received 1.3978 new shares for each old share.

  Exhibit 99.1 view on EDGAR →
• high

  Q2 2026 net income of $2.6M ($0.24/diluted share) declined 4.0% year-over-year; six-month net income of $4.8M ($0.44/diluted share) down 3.6%, driven by higher non-interest expense partially offset by higher net interest income.

  Exhibit 99.1 view on EDGAR →
• medium

  Net interest margin compressed 19 basis points to 3.78% and interest rate spread narrowed 13 basis points to 3.20% despite 1.2% growth in net interest income to $11.6M, reflecting lower yields on earning assets.

  Exhibit 99.1 view on EDGAR →