Rhinebeck Bancorp in Poughkeepsie, N.Y., will pursue a second-step conversion to become a fully stock-owned company.
Rhinebeck said in a press release that its mutual holding company owns about 57% of the company’s shares outstanding. The company will sell the MHC’s ownership interest to depositors and others in a subscription offering.
Depositors as of Dec. 31, 2024, will have first priority non-transferable subscription rights.
The conversion is expected to be completed in the third quarter.