Greene County Bancorp, Inc. Announces Cash Dividend Increase

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ: GCBC) has announced a 12.5% increase in its annual cash dividend, raising it from $0.32 to $0.36 per share. The company's Board of Directors approved a quarterly cash dividend of $0.09 per share on common stock. This dividend will be paid to shareholders of record as of August 15, 2024, with an expected payment date of August 30, 2024.

Greene County Bancorp, Inc. is majority-owned by Greene County Bancorp, MHC, which owns 54.1% of outstanding common shares. Notably, the MHC does not intend to waive its receipt of dividends for the quarter ended June 30, 2024, departing from its historical practice.

Positive

• 12.5% increase in annual cash dividend from $0.32 to $0.36 per share
• Quarterly cash dividend of $0.09 per share approved
• Majority owner (MHC) not waiving dividend receipt, potentially indicating confidence in company's financial position

Negative

• MHC's decision to receive dividends may reduce cash available for other corporate purposes

CATSKILL, N.Y., July 17, 2024 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.36 per share which represents a 12.5% increase from the previous annual cash dividend of $0.32 per share.

The cash dividend for the quarter ended June 30, 2024 will be paid to shareholders of record as of August 15, 2024, and is expected to be paid on August 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 has historically waived its right to receive cash dividends from the Company. However, for purposes of cash flow, the MHC does not intend to waive its receipts of these dividends to be paid by the Company for the quarter ended June 30, 2024.

Greene County Bancorp, Inc. is the direct and indirect holding company 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.  Our primary market area is the Hudson Valley Region and Capital District Region in New York State.  For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

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

FAQ

What is the new annual dividend rate for Greene County Bancorp (GCBC)?

The new annual cash dividend rate for Greene County Bancorp (GCBC) is $0.36 per share, representing a 12.5% increase from the previous rate of $0.32 per share.

When will GCBC pay its quarterly dividend for the quarter ended June 30, 2024?

GCBC is expected to pay its quarterly dividend for the quarter ended June 30, 2024, on August 30, 2024, to shareholders of record as of August 15, 2024.

How much is GCBC's quarterly dividend per share for Q2 2024?

GCBC's quarterly dividend for Q2 2024 is $0.09 per share on the company's common stock.

What percentage of GCBC is owned by Greene County Bancorp, MHC?

Greene County Bancorp, MHC owns 54.1% of Greene County Bancorp, Inc.'s outstanding common shares.