Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events

Subsequent Events

15.  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 December 31, 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.  On February 4, 2021, the Company announced that it had received all required regulatory approvals to acquire the two branches. The branches in Monroe and Warwick will become Rhinebeck Bank branches after the close of business on Friday, March 12 and will open Monday, March 15, as part of the Rhinebeck Bank system.

In December, the Company announced its intention to open two new branches, one in Newburgh, New York and one in Middletown, New York, further expanding our footprint in Orange County. The Company has received all required regulatory approvals to continue its expansion in Orange County with the openings of the Newburgh and Middletown branches in the spring of 2021.

Other than what is noted above, no other events meeting the requirements of disclosure arose during the time period from December 31, 2020 through the date of the issued financial statements.