Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

17.  Subsequent Events

ASC 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Rhinebeck Bancorp, Inc. evaluated all events or transactions that occurred after September 30, 2020 through the date of the issued financial statements.

On October 26, 2020, the Bank and ConnectOne Bank, the wholly-owned subsidiary of ConnectOne Bancorp, Inc., executed a purchase and assumption agreement (the “Agreement”) providing for the acquisition by the Bank of the two ConnectOne branch offices located in Monroe and Warwick, New York.  In accordance with the Agreement, the Bank will assume certain customer deposits and certain other assets and liabilities associated with those branch offices.  The transaction is expected to close late in the fourth quarter of 2020 or early in the first quarter of 2021, subject to regulatory approval and other customary closing conditions. 

Other than what is noted above, no other events meeting the requirements of disclosure arose during the time period from September 30, 2020 through the date of the issued financial statements.