Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) declared a quarterly cash dividend of $0.13 per share, maintaining an annual rate of $0.52. This dividend applies to shareholders of record on May 13, 2022, with payment scheduled for May 31, 2022. The company’s majority shareholder, Greene County Bancorp, MHC, plans to receive this dividend, marking a change from previous practices. Greene County Bancorp operates The Bank of Greene County and Greene County Commercial Bank in the Hudson Valley region of New York.

Positive

• Quarterly cash dividend remains stable at $0.13 per share, sustaining shareholders' income.
• The MHC's decision to receive dividends enhances cash flow and liquidity for the company.

Negative

• None.

CATSKILL, N.Y., April 20, 2022 (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 March 31, 2022 will be paid to shareholders of record as of May 13, 2022, and is expected to be paid on May 31, 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 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 March 31, 2022.

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 declared by Greene County Bancorp (GCBC)?

The dividend amount declared is $0.13 per share.

When will the dividend for GCBC be paid?

The dividend will be paid on May 31, 2022.

What is the record date for GCBC's dividend payment?

The record date is May 13, 2022.

Is the dividend for GCBC sustainable?

The dividend rate has remained steady, indicating potential sustainability.

Who will receive the dividend for GCBC?

Both public shareholders and the majority owner, Greene County Bancorp, MHC, will receive the dividend.