Gouverneur Bancorp, Inc. Announces Resignation of Chief Executive Officer

Rhea-AI Summary

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced a leadership change with the resignation of Faye C. Waterman as President and CEO, effective April 14, 2023. The Board thanked Mr. Waterman for his service and appointed Charles C. Van Vleet, Jr., the current director and former CEO, to temporarily lead the organization during the search for a permanent successor. At year-end December 31, 2022, Gouverneur Bancorp reported total assets of $205.20 million, total deposits of $170.56 million, and total stockholders’ equity of $26.13 million. This transition in leadership may influence strategic direction and investor confidence as the company navigates this period of change.

Positive

• Appointment of Charles C. Van Vleet, Jr. as interim CEO may provide continuity in leadership.

Negative

• Resignation of a CEO may raise concerns about company stability and future direction.

GOUVERNEUR, N.Y., April 17, 2023 (GLOBE NEWSWIRE) -- Cambray Mutual Holding Company (the “MHC”), Gouverneur Bancorp, Inc. (the “Company”) and Gouverneur Savings and Loan Association (the “Bank” and, together with the MHC and the Company, “Gouverneur”) today announced that, effective as of April 14, 2023, Faye C. Waterman has resigned as President and Chief Executive Officer, and from the Board of Directors, of the Company, the MHC and the Bank. The Board of Directors accepted Mr. Waterman’s resignation and thanks him for his years of service and leadership.

Gouverneur also announced that the Board of Directors has appointed Charles C. Van Vleet, Jr., a current director and the former President and Chief Executive Officer of Gouverneur, to temporarily assume the duties of President and Chief Executive Officer while Gouverneur undertakes a search for a permanent replacement for Mr. Waterman.

About Gouverneur Bancorp, Inc.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At December 31, 2022, the Company had total assets of $205.20 million, total deposits of $170.56 million and total stockholders’ equity of $26.13 million.

Special Note Concerning Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. All statements in this document, including forward-looking statements, speak only as of the date they are made, and Gouverneur does not undertake any obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from forward-looking statements. These factors include, among others, the following: the ability to successfully integrate acquired entities and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in our market area; changes in real estate market values in our market area; and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Contact:		Charles C. Van Vleet, Jr.
		Gouverneur Bancorp, Inc.
		315.287.2600

FAQ

What is the recent leadership change at Gouverneur Bancorp, Inc.?

Faye C. Waterman resigned as President and CEO, effective April 14, 2023, and Charles C. Van Vleet, Jr. has been appointed as interim CEO.

What are the potential impacts of the CEO resignation on Gouverneur Bancorp?

The resignation may affect investor confidence and the strategic direction of the company during the leadership transition.

Who is the interim CEO of Gouverneur Bancorp, Inc.?

Charles C. Van Vleet, Jr., a current director and former CEO, is the interim CEO.

What financial metrics did Gouverneur Bancorp report at year-end 2022?

As of December 31, 2022, the company had total assets of $205.20 million, total deposits of $170.56 million, and total stockholders’ equity of $26.13 million.