Greene County Bancorp, Inc. Announces Cash Dividend Increase

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) announced a quarterly cash dividend of $0.13 per share, an annual rate of $0.52, marking an 8.3% increase from last year. This dividend will be paid to shareholders of record as of August 16, 2021, with expected payment on August 31, 2021. The majority-owned subsidiary, Greene County Bancorp, MHC, is waiving its dividend receipt while receiving member approval. Greene County Bancorp serves the Hudson Valley Region in New York through its banking subsidiaries.

Positive

• Quarterly cash dividend of $0.13 per share reflects a strong 8.3% increase from last year.
• Dividend yields an annual cash dividend rate of $0.52, benefiting shareholders.

Negative

• MHC's waiver of dividend receipt may indicate limited liquidity for the company.
• -

CATSKILL, N.Y., July 21, 2021 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.13 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.52 per share, which represents an 8.3% increase from the previous annual cash dividend rate of $0.48 per share.

The cash dividend for the quarter ended June 30, 2021 will be paid to shareholders of record as of August 16, 2021, and is expected to be paid on August 31, 2021.

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 March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021.

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 announced by GCBC?

GCBC announced a quarterly cash dividend of $0.13 per share.

When will the dividend for GCBC be paid?

The dividend will be paid on August 31, 2021, to shareholders of record as of August 16, 2021.

How much has GCBC's dividend increased this year?

The dividend has increased by 8.3% from last year.

What is the annual dividend rate for GCBC?

The annual cash dividend rate for GCBC is $0.52 per share.