Rhinebeck Bancorp (RBKB) said Friday its subscription offering related to the mutual-to-stock conversion of Rhinebeck Bancorp, MHC was oversubscribed in the first subscription tier, with orders exceeding the maximum offering amount.

The company said the oversubscription left no shares for lower-priority groups, while existing shareholders will receive 1.3978 new shares for each share held, with cash paid for fractional shares at $10 per share.

Rhinebeck expects the conversion and offering to close on July 21, with the new shares set to begin trading on the Nasdaq Capital Market under the RBKB ticker on July 22, the company added.

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