Greene County Bancorp, Inc. Announces Cash Dividend Increase

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) has approved a quarterly cash dividend of $0.08 per share on its common stock, representing a 14.3% increase from the previous dividend. The dividend will be paid on August 31, 2023.

Positive

• Greene County Bancorp, Inc. has increased its quarterly cash dividend by 14.3% to $0.08 per share, which could positively impact the stock price.

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• None.

CATSKILL, N.Y., July 19, 2023 (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 represents a 14.3% increase from the previous annual cash dividend of $0.28 per share.

The cash dividend for the quarter ended June 30, 2023 will be paid to shareholders of record as of August 14, 2023, and is expected to be paid on August 31, 2023.

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 and liquidity, the MHC does not intend to waive its receipts of these dividends to be paid by the Company for the quarter ended June 30, 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 rate for Greene County Bancorp, Inc. common stock?

The dividend rate for Greene County Bancorp, Inc. common stock is $0.08 per share.

When will the dividend be paid?

The dividend will be paid on August 31, 2023.

What is the percentage increase in the dividend?

The dividend has increased by 14.3% from the previous dividend.