Greene County Bancorp, Inc. (NASDAQ-GCBC), a well-known financial institution, has exciting news for its shareholders. Today, the company's Board of Directors approved a substantial increase in the quarterly cash dividend on its common stock. This dividend increase comes as a result of the company's strong financial performance and commitment to rewarding its shareholders.

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Dividend Increase Details

The approved quarterly cash dividend for Greene County Bancorp, Inc.'s common stock is set at $0.08 per share. This reflects an annual cash dividend rate of $0.32 per share, a remarkable 14.3% increase from the previous annual cash dividend of $0.28 per share. This decision showcases the company's dedication to enhancing shareholder value and underscores the company's confidence in its future prospects.

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Payment Schedule

Shareholders of record as of August 14, 2023, are entitled to receive the cash dividend for the quarter ended June 30, 2023. Mark your calendars, as the dividend is scheduled to be paid on August 31, 2023. This timely payment ensures that investors can reap the benefits of their investment and participation in the company's success.

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Majority-Owned Subsidiary of Greene County Bancorp, MHC

It's worth noting that Greene County Bancorp, Inc. is the majority-owned subsidiary of Greene County Bancorp, MHC (the "MHC"), a federal mutual holding company. The MHC holds an impressive 54.1% of the Company's outstanding common shares, solidifying its position as a key player in the company's ownership structure.

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MHC's Stance on Dividends

In the past, the MHC has chosen to waive its right to receive cash dividends from Greene County Bancorp, Inc. However, there's a noteworthy change for the quarter ended June 30, 2023. For cash flow and liquidity purposes, the MHC has decided not to waive its receipts of these dividends from the Company. This decision aligns with the MHC's strategy to ensure robust cash flow management and financial stability.