Greene County Bancorp, Inc. Announces Cash Dividend

Rhea-AI Summary

Greene County Bancorp (NASDAQ:GCBC) has declared a quarterly cash dividend of $0.09 per share, maintaining an annual rate of $0.36 per share. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.

Greene County Bancorp MHC, which owns 54.1% of the company's outstanding shares, will waive its dividend receipt. The Federal Reserve Bank of Philadelphia has granted approval for MHC to waive dividends up to $0.48 per share for the four quarters ending December 31, 2024, through September 30, 2025.

The company operates through its subsidiaries, Bank of Greene County and Greene County Commercial Bank, serving the Hudson Valley Region and Capital District Region in New York State.

Positive

• Maintained consistent quarterly dividend of $0.09 per share
• MHC received Federal Reserve approval to waive dividends up to $0.48 per share through September 2025

Negative

• None.

CATSKILL, N.Y., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.36 per share, which is the same rate as the dividend declared during the previous quarter.

The cash dividend for the quarter ended December 31, 2024 will be paid to shareholders of record as of February 14, 2025, and is expected to be paid on February 28, 2025.

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 nonobjection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends, aggregating up to $0.48 per share, paid by the Company during the four quarters ending with the quarters that end on December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.

Greene County Bancorp, Inc. is the direct and indirect holding company 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. Our primary market is the Hudson Valley Region and Capital District Region in New York State. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

For Further Information Contact:
Donald E. Gibson
President and Chief Executive Officer
(518) 943-2600
donaldg@tbogc.com

FAQ

What is Greene County Bancorp's (GCBC) current quarterly dividend amount?

Greene County Bancorp's quarterly dividend is $0.09 per share, representing an annual rate of $0.36 per share.

When will GCBC pay its latest quarterly dividend?

The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.

How much of GCBC's shares are owned by Greene County Bancorp MHC?

Greene County Bancorp MHC owns 54.1% of the company's outstanding common shares.

What is the dividend waiver amount approved by the Federal Reserve for GCBC's MHC?

The Federal Reserve approved MHC to waive dividends up to $0.48 per share for the four quarters ending from December 31, 2024, through September 30, 2025.

Has GCBC changed its dividend rate compared to the previous quarter?

No, the $0.09 quarterly dividend remains the same as the previous quarter's dividend rate.