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Greene County Bancorp, Inc. Announces Cash Dividend
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.08 per share on the Company’s common stock, reflecting an annual cash dividend rate of $0.32 per share. The majority-owned subsidiary of Greene County Bancorp, MHC, has waived its receipt of this dividend, with approval from the Federal Reserve Bank of Philadelphia. The dividend for the quarter ended December 31, 2023, will be paid to shareholders of record as of February 15, 2024.
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The announcement of Greene County Bancorp, Inc.'s stable quarterly cash dividend maintains investor expectations and signals confidence in the company's steady cash flows. The dividend rate consistency suggests a solid financial position, likely supported by reliable earnings. However, it is essential to note that the dividend yield, calculated as annual dividends per share divided by the stock's price, is a critical factor for dividend investors. The yield's attractiveness can be influenced by stock price fluctuations and should be evaluated in the context of the overall banking sector's performance and dividend trends.
Greene County Bancorp's focus on the Hudson Valley Region of New York positions it within a niche market that could offer both stability and localized risk. The bank's decision to maintain the dividend rate may reflect a strategic move to attract and retain shareholders, especially when considering the broader economic environment and competitive landscape. Additionally, the mutual holding company's waiver of dividend receipts could be a strategic decision to bolster the bank's equity or support future growth initiatives without diluting shareholder value.
The Federal Reserve Bank of Philadelphia's nonobjection to the mutual holding company waiving its dividend rights is a regulatory detail that underlines the complexity of bank ownership structures. This waiver indicates compliance with federal banking regulations and highlights the importance of regulatory approval in actions that affect shareholder distributions. It is a reminder of the intricate legal framework governing financial institutions and the need for shareholders to be aware of regulatory dynamics that could impact their investments.
CATSKILL, N.Y., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.32 per share which is the same rate as the dividend declared during the previous quarter.
The cash dividend for the quarter ended December 31, 2023 will be paid to shareholders of record as of February 15, 2024, and is expected to be paid on February 28, 2024.
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 $0.46 per share, paid by the Company during the four quarters ending with the quarters that end on September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024.
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
The annual cash dividend rate per share declared by Greene County Bancorp, Inc. is $0.32.
The dividend for the quarter ended December 31, 2023, will be paid to shareholders of record as of February 15, 2024.
Greene County Bancorp, MHC owns 54.1% of the Company’s outstanding common shares.
The President and Chief Executive Officer of Greene County Bancorp, Inc. is Donald E. Gibson.
we are a community-based financial institution focused on developing relationships with our customers and the communities we serve. our unique products set us apart, and make us the bank of choice in our market place. and our knowledgeable, caring staff differentiates us by serving as advisors to both consumers and businesses. our select products and services include e-checking and e-savings accounts, commercial and residential loans and mortgages, merchant credit card processing, investment services and our visa® rewards and greene loyalty program. the foundation of our success is based on the values, principles and service that our communities, customers, shareholders, and employees have been experiencing for over 100 years - "banking at its best!".
