Greene County Bancorp, Inc. Announces Cash Dividend Increase

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.14 per share, reflecting an annual rate of $0.56 per share, a 7.7% increase from the previous rate of $0.52. The dividend, payable on August 31, 2022, is to be distributed to shareholders of record as of August 15, 2022. Notably, the majority owner, Greene County Bancorp, MHC, will waive its dividend receipt for this and upcoming quarters, with approval from the Federal Reserve Bank of Philadelphia.

Positive

• Quarterly cash dividend increased by 7.7%, signaling company confidence.
• Dividend payment expected to enhance shareholder returns.

Negative

• None.

CATSKILL, N.Y., July 20, 2022 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.14 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.56 per share, which represents a 7.7% increase from the previous annual cash dividend rate of $0.52 per share.

The cash dividend for the quarter ended June 30, 2022 will be paid to shareholders of record as of August 15, 2022, and is expected to be paid on August 31, 2022.

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 $0.60 per share, paid by the Company for the four quarters ending with the quarters that end on June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023.

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 for GCBC in August 2022?

The dividend amount for Greene County Bancorp (GCBC) is $0.14 per share.

When will the dividend for GCBC be paid?

The dividend for GCBC will be paid on August 31, 2022.

What is the annual dividend rate for GCBC after the increase?

The annual dividend rate for GCBC is $0.56 per share following the increase.

Who is waiving the dividend for GCBC?

Greene County Bancorp, MHC is waiving its receipt of the dividend.