CATSKILL, N.Y.--(BUSINESS WIRE)--
Greene County Bancorp, Inc. (NASDAQ:GCBC) today announced that its Board
of Directors has approved a regular quarterly cash dividend of $0.18 per
share of the Company’s common stock. The dividend reflects an annual
cash dividend rate of $0.72 per share which represents a 2.9% increase
from the previous annual cash dividend rate of $0.70 per share.
The cash dividend for the quarter ended June 30, 2014 will be paid to
shareholders of record as of August 15, 2014, and is expected to be paid
on or about August 29, 2014.
The Company is the majority-owned subsidiary of Greene County Bancorp,
MHC (the “MHC”), a federal mutual holding company, which owns 54.7% 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 $0.80 per share to be
declared by the Company for the four quarters ending December 31, 2014.
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.
Greene County Bancorp, Inc.
Donald E. Gibson, 518-943-2600
and Chief Executive Officer
Source: Greene County Bancorp, Inc.