Rhinebeck Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion

Core Viewpoint - Rhinebeck Bancorp, Inc. has announced a Plan of Conversion and Reorganization to transition from a mutual holding company structure to a stock holding company structure [1] Group 1: Company Structure Changes - The Board of Trustees of Rhinebeck Bancorp, MHC has adopted a plan for a "second step" conversion [1] - The MHC was initially formed during the reorganization of Rhinebeck Bank into a mutual holding company structure and the related initial public offering in 2019 [1] - Currently, the MHC owns approximately 57% of the outstanding shares of common stock of Rhinebeck Bancorp, Inc. [1]