Subsequent events

6 Months Ended

Dec. 31, 2014

(13)	Subsequent events

On January 20, 2015, the Board of Directors declared a cash dividend for the quarter ended December 31, 2014 of $0.18 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.72 per share, which was the same as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of February 13, 2015, and will be paid on February 27, 2015. For purposes of liquidity and cash flow, the MHC does not intend to waive its receipt of this dividend. Therefore, the dividend will be paid on all outstanding shares as of the record date.

Although the MHC will not waive the receipt of dividends to be paid on February 27, 2015, the MHC intends to waive dividends in future periods. However, the waiver of dividends by the MHC are subject to the MHC obtaining approval of its members at a special meeting of members and receipt of the non-objection of the Federal Reserve Bank of Philadelphia for such dividend waivers for the four quarters subsequent to the approval. A special meeting of members of the MHC is scheduled for February 17, 2015 to vote on a proposal for the MHC to continue to waive its right to receive annual dividends declared by Greene County Bancorp, Inc. in the four quarters subsequent to the approval of this proposal. Management believes that this proposal will be approved at this special meeting. Once member approval has been obtained, the MHC will submit its request to the Federal Reserve Board to seek its non-objection to the dividend waiver.