Greene County Bancorp, Inc. (NASDAQ: GCBC) today announced that its Board of Directors has approved an increase in the Company’s quarterly cash dividend from $0.17 per share to $0.175 per share, an increase of 2.9%. The dividend reflects an annual cash dividend rate of $0.70 per share.
The dividend will be paid to shareholders of record as of May 14, 2010, payable on June 2, 2010.
The Company is the majority-owned subsidiary of Greene County Bancorp, MHC, a federal mutual holding company, which owns 56.0 percent of the Company’s outstanding shares. Greene County Bancorp, MHC waived its right to receive dividends on its shares of the Company.
Greene County Bancorp, Inc. is the direct and indirect holding company, respectively, for The Bank of Greene County, a federally-chartered thrift, 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 eleven full-service branch locations.