CATSKILL, N.Y., April 19, 2023 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.07 per share on the Company's common stock. The dividend reflects an annual cash dividend rate of $0.28 per share. The dividend rate reflects the 2-for-1 stock split, distributed after the close of trading on March 23, 2023 and is unchanged from the previous quarterly dividend, which was $0.14 on a pre-split adjusted basis.

The cash dividend for the quarter ended March 31, 2023 will be paid to shareholders of record as of May 15, 2023, and is expected to be paid on May 31, 2023.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the "MHC"), a federal mutual holding company which owns 54.1% 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 $0.30 per share, on a 2-for-1 stock split adjusted basis, paid by the Company for the four quarters ending with the quarters that end on June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023.

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.

For Further Information Contact:

Donald E. Gibson

President and Chief Executive Officer

(518) 943-2600

donaldg@tbogc.com

Greene County Bancorp, Inc. Announces Cash Dividend