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8-K - 8-K - GREENE COUNTY BANCORP INCbrhc10013660_8k.htm

Exhibit 99.1

Date: July 22, 2020
For Further Information Contact:
Donald E. Gibson
President and Chief Executive Officer
(518) 943-2600


Catskill, NY – July 22, 2020.  Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.12 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.48 per share, which represents a 9.1% increase from the previous annual cash dividend rate of $0.44 per share.

The cash dividend for the quarter ended June 30, 2020 will be paid to shareholders of record as of August 14, 2020, and is expected to be paid on August 31, 2020.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the “MHC”), a federal mutual holding company which owns 54.0% 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 $0.50 per share, paid by the Company for the four quarters ending with the quarters that end on December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020.

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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.