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. In addition, the Board of Directors approved a special cash dividend of $0.20 per share.
The Board of Directors approved the special cash dividend in light of the Company’s strong earnings performance over the last several quarters, as well as to allow Company shareholders to take advantage of current low dividend tax rates, which may be allowed to lapse at the end of the calendar year.
The quarterly and special dividend will be paid to shareholders of record as of November 12, 2010. The $0.175 per share quarterly dividend will be payable on December 1, 2010 and the $0.20 per share special dividend will be payable on December 15, 2010.
The Company is the majority-owned subsidiary of Greene County Bancorp, MHC, a federal mutual holding company, which owns 55.9 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. The Bank expects to open its twelfth branch in Germantown in October 2010, which will be the Bank’s fourth branch in Columbia County, New York