Rhinebeck Bancorp Inc

At December 31, 2023, we conducted business through our corporate office in Poughkeepsie and 14 other retail banking offices located in Rhinebeck, Fishkill, Goshen, Hopewell Junction, Hyde Park, Kingston, Middletown, Newburgh, Poughkeepsie (three branch offices), Red Hook, Wappingers Falls and Warwick, as well as two representative offices in Montgomery and Albany. We own seven and lease nine properties, and own three other buildings situated on land controlled under long-term leases. At December 31, 2023, the net book value of our land, buildings, furniture, fixtures and equipment was $17.6 million.

On November 16, 2023, the Bank entered into an agreement with Heritage Financial Credit Union, a New York State chartered credit union, to sell the Bank’s Beacon branch office in Wappingers Falls, New York, for $2.9 million subject to the receipt of applicable regulatory approvals and other customary closing conditions. The sale includes the land and building as well of all branch premises and equipment. All of the branch accounts have been redomiciled to the customer’s nearest branch and all employees will be placed in open positions. An impairment expense of $375,000 was taken on the property in December 2023. The closing date of the branch was February 23, 2024.