Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.13 per share for the period ending September 30, 2021. This maintains the annual cash dividend rate at $0.52, consistent with the previous quarter. Shareholders of record by November 15, 2021, will receive the dividend on November 30, 2021. Notably, the majority shareholder, Greene County Bancorp, MHC, is waiving its dividend entitlement, having obtained the necessary approvals for this decision.

Positive

• Quarterly cash dividend of $0.13 per share indicates stability in financial performance.
• Maintained annual dividend rate of $0.52 reflects ongoing shareholder return.

Negative

• Majority shareholder waiving dividend may indicate potential cash reserve concerns.

CATSKILL, N.Y., Oct. 20, 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 is the same rate as the dividend declared during the previous quarter.

The cash dividend for the quarter ended September 30, 2021 will be paid to shareholders of record as of November 15, 2021, and is expected to be paid on November 30, 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 for GCBC in November 2021?

Greene County Bancorp (NASDAQ-GCBC) announced a quarterly cash dividend of $0.13 per share.

When will the GCBC dividend be paid?

The dividend will be paid on November 30, 2021, to shareholders of record as of November 15, 2021.

What is the annual dividend rate for GCBC?

The annual cash dividend rate for Greene County Bancorp is $0.52 per share.

Is there any waiver of dividend by the majority shareholder GCBC?

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