Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) has declared a quarterly cash dividend of $0.12 per share, maintaining an annual rate of $0.48 per share, consistent with the previous quarter. This dividend is set for shareholders on record as of November 13, 2020, and will be paid on November 30, 2020. The majority owner, Greene County Bancorp, MHC, has opted to waive its receipt of this dividend, following approvals from its members and the Federal Reserve Bank of Philadelphia.

Positive

• Quarterly cash dividend of $0.12 per share, consistent with previous quarter.
• Annual cash dividend rate remains stable at $0.48 per share.

Negative

• MHC's waiver of dividend may indicate lower confidence in immediate financial requirements.

CATSKILL, N.Y., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.12 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.48 per share, which is the same rate as the dividend declared during the previous quarter.

The cash dividend for the quarter ended September 30, 2020 will be paid to shareholders of record as of November 13, 2020, and is expected to be paid on November 30, 2020.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the “MHC”), a federal mutual holding company which owns 54.1% of the Company’s outstanding common shares. The MHC is waiving its receipt of this dividend. The MHC received the approval of its members (depositors of The Bank of Greene County) and the non-objection of the Federal Reserve Bank of Philadelphia to waive the MHC’s receipt of quarterly cash dividends aggregating up to $0.50 per share, paid by the Company for the four quarters ending with the quarters that end on December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020.

Greene County Bancorp, Inc. is the direct and indirect holding company, respectively, for The Bank of Greene County, a federally chartered savings bank, and Greene County Commercial Bank, a New York-chartered commercial bank, both headquartered in Catskill, New York. The Banks serve the market area currently concentrated around the areas within the Hudson Valley Region of New York.

For Further Information Contact:
Donald E. Gibson
President and Chief Executive Officer
(518) 943-2600
donaldg@tbogc.com 

FAQ

What is the dividend amount declared by Greene County Bancorp, GCBC?

The declared dividend amount is $0.12 per share.

When will the dividend for GCBC be paid?

The dividend will be paid on November 30, 2020.

Who are the shareholders eligible for the GCBC dividend?

Shareholders of record as of November 13, 2020, are eligible.

Is the dividend rate for GCBC sustainable?

The annual cash dividend rate remains at $0.48, consistent with previous quarters.