Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) declared a quarterly cash dividend of $0.14 per share, maintaining an annual rate of $0.56. This dividend is set for shareholders of record as of November 15, 2022, with a payment date of November 30, 2022. The company's majority owner, Greene County Bancorp, MHC, will waive its dividend receipt, which has been approved by both its members and the Federal Reserve. Greene County Bancorp operates two banks serving the Hudson Valley Region of New York.

Positive

• Quarterly cash dividend of $0.14 per share reflects a stable annual rate of $0.56.
• MHC's waiver of dividend receipt indicates a commitment to shareholder returns.

Negative

• None.

CATSKILL, N.Y., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.14 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.56 per share, which is the same rate as the dividend declared during the previous quarter.

The cash dividend for the quarter ended September 30, 2022 will be paid to shareholders of record as of November 15, 2022, and is expected to be paid on November 30, 2022.

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 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?

The dividend amount for Greene County Bancorp (GCBC) is $0.14 per share.

When will the dividend for GCBC be paid?

The dividend for GCBC is expected to be paid on November 30, 2022.

What is the record date for GCBC's dividend?

The record date for the GCBC dividend is November 15, 2022.

How often does GCBC pay dividends?

Greene County Bancorp (GCBC) pays dividends quarterly.