Item 8.01Other Events

On October 6, 2022, Rhinebeck Bancorp, Inc., the holding company for Rhinebeck Bank (the "Bank"), issued a press release announcing that the Bank and the New York State Department of Financial Services ("DFS") reached a settlement regarding claims based on DFS's detection of statistical differences in dealer reserve (i.e., dealer markup) charged by automobile dealers to different borrower groups on loans purchased by the Bank through its indirect automobile lending program.

While the Bank does not agree with the findings and denies the allegations, it agreed to a settlement so as not to engage in a lengthy and costly legal challenge.

The Bank has fully reserved for this settlement and there will be no further impact on earnings.

For additional information, reference is made to the press release dated October 6, 2022, which is attached hereto as an exhibit and incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(a)Financial Statements of Businesses Acquired. Not applicable.

(b)Pro Forma Financial Information. Not applicable.

(c)Shell Company Transactions. Not applicable.

(d) Exhibits.

Exhibit No.Description

99.1 Press release dated October 6, 2022.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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