Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Greene County Bancorp, Inc. Announces Quarterly Cash Dividend

Greene County Bancorp, Inc. Announces Quarterly Cash Dividend

Greene County Bancorp, MHC Announces Special Meeting of Members to Vote on Proposal to Waive Receipt of Dividend

CATSKILL, N.Y.--(BUSINESS WIRE)-- Greene County Bancorp, Inc. (Nasdaq: GCBC  ) , today announced that its Board of Directors has approved the continuation of the Company’s regular quarterly cash dividend of $0.175 per share. The dividend reflects an annual cash dividend rate of $0.70 per share.

The cash dividend for the quarter ended December 31, 2012 will be paid to shareholders of record as of February 15, 2013 and is expected to be paid on or about April 1, 2013.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the “MHC”), a federal mutual holding company, which owns 55.1% of the Company’s outstanding common shares. The MHC intends to seek the approval of the MHC’s members (depositors of The Bank of Greene County) to waive the MHC’s receipt of this dividend, as well as on any future dividends declared by the Company on its common stock during the twelve months subsequent to the members’ approval of the dividend waiver proposal, at a special meeting of members scheduled for February 19, 2013.

Historically, the MHC has waived its right to receive dividends declared on its shares of the Company’s common stock, and the MHC has waived the receipt of dividends for the quarter end December 31, 2012, subject to the non-objection of the Federal Reserve Board. The Federal Reserve Board has adopted interim final regulations that impose significant conditions and restrictions on the ability of mutual holding companies to waive the receipt of dividends from their subsidiaries. If the MHC obtains approval of its members at the special meeting of members to waive the dividend, it will then seek the non-objection of the Federal Reserve Board for such dividend waiver. If this non-objection is obtained prior to April 1, 2013, the expected payment date of the dividend, the MHC intends to waive its receipt of the dividend.

* * *

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 Greene, Columbia and Albany Counties in New York from twelve full-service branch locations.

Greene County Bancorp, Inc.
Donald E. Gibson, 518-943-2600
President and Chief Executive Officer

KEYWORDS:   United States  North America  New York


Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2201734, ~/Articles/ArticleHandler.aspx, 9/5/2015 6:38:02 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...