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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.
Posted In: RBKB
