Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ: GCBC) announces a quarterly cash dividend of $0.08 per share, reflecting an annual rate of $0.32 per share, consistent with the previous quarter. The dividend will be paid on May 30, 2024, to shareholders of record as of May 15, 2024. The majority-owned subsidiary of Greene County Bancorp, MHC, is waiving its receipt of this dividend. The MHC received approval from the Federal Reserve Bank of Philadelphia to waive its rights to receive dividends for specific quarters. Greene County Bancorp, Inc. is the holding company for The Bank of Greene County and Greene County Commercial Bank, both based in Catskill, New York, serving the Hudson Valley Region.

Positive

• Greene County Bancorp, Inc. announces a quarterly cash dividend of $0.08 per share.
• The annual cash dividend rate is $0.32 per share, consistent with the previous quarter.
• The dividend will be paid on May 30, 2024, to shareholders of record as of May 15, 2024.
• The majority-owned subsidiary, Greene County Bancorp, MHC, is waiving its receipt of the dividend.
• The MHC received approval to waive its rights to receive dividends for specific quarters.
• Greene County Bancorp, Inc. is the holding company for The Bank of Greene County and Greene County Commercial Bank, both based in Catskill, New York, serving the Hudson Valley Region.

Negative

• None.

CATSKILL, N.Y., April 17, 2024 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.32 per share which is the same rate as the dividend declared during the previous quarter.

The cash dividend for the quarter ended March 31, 2024 will be paid to shareholders of record as of May 15, 2024, and is expected to be paid on May 30, 2024.

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 nonobjection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends, aggregating up to $0.46 per share, paid by the Company during the four quarters ending with the quarters that end on September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024.

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 quarterly cash dividend announced by Greene County Bancorp, Inc. (GCBC)?

Greene County Bancorp, Inc. announced a quarterly cash dividend of $0.08 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on May 30, 2024, to shareholders of record as of May 15, 2024.

Who is waiving its receipt of the dividend?

The majority-owned subsidiary of Greene County Bancorp, MHC, is waiving its receipt of the dividend.

What is the relationship between Greene County Bancorp, Inc. and Greene County Bancorp, MHC?

Greene County Bancorp, Inc. is the majority-owned subsidiary of Greene County Bancorp, MHC.

What banks are under Greene County Bancorp, Inc.?

Greene County Bancorp, Inc. is the holding company for The Bank of Greene County and Greene County Commercial Bank.