Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) announced the completion of its "second-step" conversion, transitioning from a two-tier mutual holding company to a fully-public stock holding company. The reorganization and related stock offering closed on July 21, 2026, raising approximately $88.8 million in gross proceeds.
Key Details
- Stock Offering: The company sold 8,880,210 shares of common stock at a price of $10.00 per share.
- Share Conversion: Each outstanding share held by public stockholders was converted into 1.3978 new shares of common stock.
- Post-Conversion Capitalization: Following the transaction, the company has 15,638,237 shares of common stock outstanding, and the former mutual holding company (MHC) has ceased to exist.