Subsequent events

6 Months Ended

Dec. 31, 2020

(15)	Subsequent events

On January 19, 2021, the Board of Directors declared a cash dividend for the quarter ended December 31, 2020 of $0.12 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.48 per share, which was the same rate as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of February 15, 2021, and will be paid on February 26, 2021. The MHC does not intend to waive its receipt of this dividend.

During January 2021, the Company entered into a Bank Owned Life Insurance (“BOLI”) program, and established a wholly-owned trust under the Company’s subsidiary, The Bank of Greene County (“Bank”). The Bank purchased $40.0 million of institutional life insurance on a select group of eligible senior and management employees to partially defray the costs of employee benefit programs. All employees participating in the program are aware of and have consented to the coverage.