Press Release

Approval of the Application by Rhinebeck Bancorp, MHC

August 17, 2004

NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by Rhinebeck Bancorp, MHC, Poughkeepsie, New York, to become a bank holding company through the acquisition of Rhinebeck Savings Bank, Rhinebeck, New York, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended.

According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.