CATSKILL, N.Y., April 19, 2017 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ:GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.095 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.38 per share, which is the same rate as the dividend declared during the previous quarter.
The cash dividend for the quarter ended March 31, 2017 will be paid to shareholders of record as of May 15, 2017, and is expected to be paid on or about May 31, 2017.
The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the “MHC”), a federal mutual holding company which owns 54.2% of the Company’s outstanding common shares. The MHC has historically waived its right to receive cash dividends from the Company. However, for purposes of cash flow and liquidity, the MHC does not intend to waive its receipt of these dividends to be paid by the Company for the quarter ended March 31, 2017.
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.