Rhinebeck Bancorp, Inc.

In addition to the other information contained in this Quarterly Report on Form 10-Q, the following risk factor represents a material update and addition to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

If we do not successfully manage the transition associated with the retirement of our Chief Executive Officer (“CEO”), it could be viewed negatively by our customers and shareholders and could have an adverse impact on our business.

On March 21, 2025, Michael J. Quinn announced his intention to retire as the Company’s CEO and as a member of the Board effective on the earlier of December 31, 2025 or when a successor is found to ensure an orderly transition. The Board of Directors of the Bank has formed a Search Committee to find a successor to Mr. Quinn. Leadership transitions can be difficult and may present challenges, including potential disruption to our operations and relationships with customers, regulators, vendors, and employees. If the CEO transition is not effectively managed, or if we are unable to identify and secure a qualified successor in a timely manner, our ability to execute our strategic initiatives and meet our financial and operational goals could be negatively impacted. Additionally, uncertainty surrounding the transition may affect employee morale and retention, and could hinder our ability to attract and hire key personnel.