Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) announced a quarterly cash dividend of $0.07 per share, reflecting an annual rate of $0.28. This is unchanged from the prior quarterly dividend on a pre-split adjusted basis, following a 2-for-1 stock split executed on March 23, 2023. The dividend will be payable on May 31, 2023, to shareholders on record as of May 15, 2023. The majority owner, Greene County Bancorp, MHC, which holds 54.1% of the company’s shares, has waived its dividend receipt. This waiver follows approval from MHC members and the Federal Reserve Bank of Philadelphia for cash dividends aggregating up to $0.30 per share on a split-adjusted basis for four quarters ending March 31, 2023.

Positive

• Quarterly cash dividend of $0.07 per share maintains earlier payout levels post stock split.
• Annual cash dividend rate remains at $0.28 per share, indicating steady shareholder income.

Negative

• None.

CATSKILL, N.Y., April 19, 2023 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.28 per share. The dividend rate reflects the 2-for-1 stock split, distributed after the close of trading on March 23, 2023 and is unchanged from the previous quarterly dividend, which was $0.14 on a pre-split adjusted basis.

The cash dividend for the quarter ended March 31, 2023 will be paid to shareholders of record as of May 15, 2023, and is expected to be paid on May 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 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 $0.30 per share, on a 2-for-1 stock split adjusted basis, 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 for the quarter ending March 31, 2023?

The dividend amount is $0.07 per share.

When will the dividend for GCBC be paid?

The dividend is expected to be paid on May 31, 2023.

Who is eligible to receive the dividend from GCBC?

Shareholders of record as of May 15, 2023, are eligible to receive the dividend.

What is the annual dividend rate for GCBC?

The annual dividend rate is $0.28 per share.

Why did the MHC waive its dividend from GCBC?

The MHC waived its dividend receipt following approval from its members and the Federal Reserve.