Gouverneur Bancorp Inc - GOVB STOCK NEWS

Gouverneur Bancorp (GOVB) has announced a stock repurchase program authorizing the buyback of up to 55,356 shares, representing 5% of its outstanding common stock. The program will be executed through open market purchases and private negotiations, running until December 10, 2025 or until completion. The company, which operates through Gouverneur Savings and Loan Association, reported total assets of $195.1 million, deposits of $153.4 million, and stockholders' equity of $31.7 million as of June 30, 2024.

Gouverneur Bancorp (OTCQB: GOVB) reported Q4 fiscal 2024 net income of $136,000 ($0.13 per share), up from $86,000 ($0.04 per share) in Q4 2023. For fiscal year 2024, net income was $539,000 ($0.51 per share), compared to $317,000 ($0.16 per share) in 2023. The company completed its second-step conversion on October 31, 2023, raising $7.2 million by selling 723,068 shares at $10 per share. Total assets decreased 4.19% to $197.3 million, while deposits increased 0.71% to $159.9 million. Net interest spread declined to 3.86% from 4.14% in the previous year.

Gouverneur Bancorp, Inc. (OTCQB: GOVB), the holding company for Gouverneur Savings and Loan Association, has declared a semi-annual cash dividend of $0.08 per common share. The dividend will be paid on or about November 18, 2024 to shareholders of record as of November 4, 2024. This marks the first cash dividend since the Bank's conversion from a mutual holding company to a stock holding company structure.

Gouverneur Savings and Loan Association, founded in 1892, offers deposit and loan services for businesses, families, and individuals. As of June 30, 2024, the Company reported total assets of $195.1 million, total deposits of $153.4 million, and total stockholders' equity of $31.7 million.

Gouverneur Bancorp, Inc. appoints Robert W. Barlow as President and CEO. Barlow brings extensive experience in banking to lead the Company and the Bank.

Gouverneur Bancorp, Inc. has completed the conversion of Cambray Mutual Holding Company from mutual to stock form. The company sold a total of 723,068 shares of its common stock at $10.00 per share, including shares sold to the Bank's employee stock ownership plan. Trading of Gouverneur Bancorp, Inc.'s common stock is expected to begin on the OTCQB Marketplace on November 1, 2023.

Gouverneur Bancorp, Inc. has received regulatory approvals to close the conversion of Cambray Mutual Holding Company from mutual to stock form and the related stock offering. The closing is expected to occur on October 31, 2023, with Gouverneur Bancorp, Inc.'s common stock trading on the OTCQB Marketplace under the symbol 'GOVB' starting November 1, 2023. A total of 723,068 shares of common stock will be sold at a price of $10.00 per share. Each outstanding share of Gouverneur Bancorp common stock owned by public stockholders will be converted into shares of Gouverneur Bancorp, Inc. common stock, with public stockholders receiving 0.5334 shares of Gouverneur Bancorp, Inc. common stock for each share of Gouverneur Bancorp common stock they own. Cash will be issued for fractional shares.

Gouverneur Bancorp completes syndicated community offering

Gouverneur Bancorp, Inc. has commenced a syndicated community offering to sell the shares of common stock not sold in its subscription and community offerings. As of the date of the announcement, the company has received valid stock orders for approximately 70% of the shares offered for sale at the minimum of the offering range.

Gouverneur Bancorp and Cambray Mutual Holding Company have approved the Plan of Conversion and Reorganization. Gouverneur Bancorp has extended the expiration time of the community offering. As of now, valid stock orders have been received for approximately 70% of the shares offered. At least 722,500 shares must be sold to complete the conversion and stock offering.