POUGHKEEPSIE, N.Y., Sept. 15,
2022 /PRNewswire/ -- 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 environment;
general economic conditions or conditions within the securities
markets; changes in demand for our products and services; and
legislative, accounting and regulatory changes that could adversely
affect the Company's financial condition and results of operations
and the business in which the Company and the Bank are
engaged. Additional factors that could cause actual results
to differ materially from those expressed in the forward-looking
statements are discussed in the Company's reports (such as the
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K) filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet website
(www.sec.gov).
Accordingly, you should not place undue reliance on forward-looking
statements. Rhinebeck Bancorp, Inc. undertakes no obligation to
revise these forward-looking statements or to reflect events or
circumstances after the date of this press release.
Contact Information
For Rhinebeck Bancorp, Inc:
Michael J.
Quinn
President and Chief Executive
Officer
(845)
790-1501
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SOURCE Rhinebeck Bancorp, Inc.
