Exhibit 99.1
                                  ------------

January 17, 2007
FOR IMMEDIATE RELEASE
Contact:  J. Bruce Whittaker, Pres. & CEO
518.943.2600

GREENE COUNTY BANCORP, INC. ANNOUNCES INCREASED CASH DIVIDEND

Catskill, NY - Jan. 17, 2007. Greene County Bancorp, Inc. (NASDAQ-GCBC) today
announced that its Board of Directors has approved a semi-annual cash dividend
of $0.25 per share of the Company's common stock. This is an increase of 8.7
percent from the previous semi-annual dividend of $0.23 per share. It is the
fourteenth consecutive semi-annual cash dividend since the Company's initial
public offering in 1998.

The  dividend  will be paid to  shareholders  of record as of February 15, 2007,
payable as of March 1, 2007.

The Company is the  majority-owned  subsidiary of Greene County Bancorp,  MHC, a
federal  mutual  holding  company,  which  owns 55.6  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 Bank  serves  Greene  and  Columbia
Counties,  and southern Albany County, New York from seven  full-service  branch
locations in Catskill, Cairo, Coxsackie,  Greenville,  Hudson,  Tannersville and
Westerlo. Additional branches at Catskill Commons, and the Fairview Plaza in the
Town of Greenport, Columbia County, are expected to open within a few weeks. The
Company was  organized in 1998 in  connection  with the mutual  holding  company
reorganization and stock offering of The Bank of Greene County.