M3 Funds, LLC, M3 Partners, LP, M3F, Inc., Jason A. Stock, and William C. Waller filed Amendment No. 4 to a Schedule 13G with the SEC on October 28, 2026, disclosing a beneficial ownership position in Rhinebeck Bancorp common stock as of September 30, 2026.

Key Highlights

  • Aggregate shares reported: Each reporting person discloses beneficial ownership of 607,402 shares of Rhinebeck Bancorp common stock (CUSIP 762093201).
  • Percent of class: The 607,402 shares represent 3.88% of the outstanding class, as reported by each reporting person.
  • Voting and dispositive power: All reporting persons report 0 shares with sole voting or sole dispositive power; all 607,402 shares carry shared voting and shared dispositive power.
  • Direct owner: According to the filing, all reported shares are owned directly by M3 Partners, LP, whose general partner is M3 Funds, LLC and whose investment adviser is M3F, Inc.
  • Individual filers: Jason A. Stock and William C. Waller are identified as managers of the General Partner and managing directors of the Investment Adviser, and could each be deemed to share indirect beneficial ownership.
  • Triggering event date: The date of the event requiring this filing is stated as September 30, 2026.
  • Class ownership level: Item 5 of the filing indicates ownership of 5 percent or less of the class.

M3 Group Entities and Rhinebeck Bancorp Ownership Structure

According to the filing, this is Amendment No. 4 to a Schedule 13G concerning Rhinebeck Bancorp common stock. The five reporting persons - M3 Funds, LLC (a Delaware limited liability company), M3 Partners, LP (a Delaware limited partnership), M3F, Inc. (a Utah corporation), Jason A. Stock, and William C. Waller - all share the same address of 2070 E 2100 S, Suite 250, Salt Lake City, UT 84109. Rhinebeck Bancorp's principal executive offices are listed at 2 Jefferson Plaza, Poughkeepsie, NY, 12601.

The filing states that all of the reported shares are owned directly by M3 Partners, LP. M3 Funds, LLC serves as its general partner, and M3F, Inc. serves as its investment adviser. The filing notes that "the General Partner and the Investment Adviser could each be deemed to be indirect beneficial owners of the reported shares, and could be deemed to share such beneficial ownership with M3 Partners." Jason A. Stock and William C. Waller, as managers of the General Partner and managing directors of the Investment Adviser, "could be deemed to share such indirect beneficial ownership" with the other reporting persons.

Each reporting person reports zero shares with sole voting power and zero shares with sole dispositive power. All 607,402 shares are attributed to shared voting power and shared dispositive power for each reporting person. The filing confirms that Item 6 (ownership of more than 5 percent on behalf of another person) and Item 8 (group members) are both listed as not applicable.

What Was Disclosed

Five affiliated reporting persons filed Amendment No. 4 to a Schedule 13G disclosing shared beneficial ownership of 607,402 shares, or 3.88%, of Rhinebeck Bancorp common stock as of September 30, 2026, with no sole voting or dispositive power reported by any party.