Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) Completes Stock Conversion and Reports Financial Performance

• Rhinebeck Bancorp successfully completed its "second-step conversion," transitioning from a mutual holding company to a fully stock-based entity.

• The conversion included a stock split and a public offering that generated $88.8 million in gross proceeds from the sale of 8.88 million shares.

• Despite a slight 4.0% decrease in net income year-over-year, the offering was significantly oversubscribed, indicating strong investor confidence in the newly structured regional bank.

Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) is the holding company for Rhinebeck Bank, a community bank serving the Hudson Valley region of New York. The company recently underwent a major structural change, completing its "second-step conversion." This process changed it from a mutual holding company, which is owned by its depositors, to a fully stock-based company owned by public shareholders.

On July 22, 2026, Rhinebeck Bancorp effectively executed a stock split as part of this conversion. Existing public stockholders saw their shares converted at an exchange ratio of 1.3978. This means for every 1,000 shares an investor owned before the conversion, they received approximately 1,397 shares of the new company stock.

In connection with the conversion, Rhinebeck Bancorp also conducted a public stock offering. The company successfully sold 8.88 million shares of its common stock at a price of $10.00 per share. This generated total gross proceeds of $88.8 million. Following these transactions, the company now has about 15.64 million shares of common stock outstanding.

As highlighted by Access Newswire, the offering, which ended on June 18, 2026, was significantly oversubscribed by eligible bank depositors. This strong demand indicates high investor interest in owning a piece of the newly structured Rhinebeck Bancorp. The company's market capitalization now stands at approximately $192.83 million.

For the quarter ending June 30, 2026, Rhinebeck Bancorp reported a net income of $2.6 million, or $0.24 per share. This is a slight 4.0% decrease from the $2.7 million, or $0.25 per share, reported in the same period last year, just before the major corporate restructuring was finalized.