Filing Overview
Rhinebeck Bancorp, Inc. filed a Form 8-K dated October 26, 2020 under Item 8.01, Other Events. Rhinebeck Bank, its wholly owned subsidiary, entered into a purchase and assumption agreement with ConnectOne Bank.
Business Context and Transaction
- Rhinebeck Bank agreed to acquire two ConnectOne Bank branch offices located in Monroe and Warwick, New York.
- Rhinebeck Bank will assume certain customer deposits and other assets and liabilities associated with the branches.
- The transaction was expected to close in late fourth quarter 2020 or early first quarter 2021.
Financial Metrics and Liquidity
The filing does not provide revenue, earnings, cash flow, margin, debt, liquidity, purchase price, deposit balances, asset values, or other financial metrics related to the transaction.
Material Changes Versus Prior Period
The filing announces a proposed branch acquisition and related assumption of deposits, assets, and liabilities. It does not quantify the expected effect on Rhinebeck Bancorp’s financial statements or operations.
Outlook, Conditions, and Risks
- Completion is subject to regulatory approval and other customary closing conditions.
- The stated closing timeline is an expectation and may change.
- The filing does not provide management guidance regarding revenue, earnings, costs, synergies, or integration of the acquired branches.
- A joint press release dated October 26, 2020 was filed as Exhibit 99.1 and may contain additional transaction details.
Key Facts to Verify
- Regulatory approval and satisfaction of all closing conditions.
- Actual closing date and completion of the branch transfer.
- Number and value of deposits, assets, and liabilities assumed.
- Purchase consideration and transaction-related expenses, if any.
- Subsequent disclosures describing the transaction’s effect on earnings, capital, liquidity, and operations.