Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp, Inc. (NASDAQ-GCBC) has declared a quarterly cash dividend of $0.14 per share, maintaining an annual dividend rate of $0.56, equivalent to the previous quarter. Shareholders on record as of February 13, 2023 will receive this dividend on February 27, 2023. The majority-owned subsidiary, Greene County Bancorp, MHC, is waiving its dividend receipt. This waiver received member approval and Federal Reserve non-objection for quarterly dividends totaling up to $0.60 per share for four quarters ending through March 31, 2023.

Positive

• Quarterly cash dividend of $0.14 per share reflects strong performance.
• Annual dividend rate maintained at $0.56, indicating stable income for shareholders.
• MHC's waiver demonstrates commitment to shareholder returns.

Negative

• None.

CATSKILL, N.Y., Jan. 18, 2023 (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 December 31, 2022 will be paid to shareholders of record as of February 13, 2023, and is expected to be paid on February 27, 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 $0.60 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 in Q1 2023?

The dividend amount for Greene County Bancorp (GCBC) in Q1 2023 is $0.14 per share.

When will the GCBC dividend be paid?

The dividend will be paid on February 27, 2023, to shareholders of record as of February 13, 2023.

What is the annual dividend rate for GCBC?

The annual dividend rate for Greene County Bancorp (GCBC) is $0.56 per share.

Is the MHC receiving the GCBC dividend?

No, the MHC is waiving its receipt of the quarterly cash dividend.