FOR IMMEDIATE RELEASE
RHINEBECK BANCORP, INC.
ANNOUNCES ADOPTION OF REPURCHASE PROGRAM
POUGHKEEPSIE, NEW YORK, September 15, 2022 – Rhinebeck Bancorp, Inc. (the “Company”) (Nasdaq: RBKB), the holding company for Rhinebeck Bank, announced it has adopted a program to repurchase up to 247,506 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Rhinebeck Bancorp, MHC). This is the Company’s first stock repurchase program since completing its mutual holding company reorganization and related stock offering in January 2019.
Repurchases are expected to commence after the Company publicly releases its results of operations for the period ended September 30, 2022. Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program has no expiration date.
The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is itself the majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a New York chartered stock savings bank, which provides a full range of banking and financial services to consumer and commercial customers through its fifteen active branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties in New York State. Financial services including comprehensive brokerage, investment advisory services, financial product sales and employee benefits are offered through Rhinebeck Asset Management, a division of the Bank.
Forward-Looking Statements
This press release contains certain forward-looking statements about the Company and Rhinebeck Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: increased competitive pressures; changes in the interest rate
