Greene County Bancorp, Inc. Announces Quarterly Cash Dividend

  Greene County Bancorp, Inc. Announces Quarterly Cash Dividend

  Greene County Bancorp, MHC Announces Special Meeting of Members to Vote on
                    Proposal to Waive Receipt of Dividend

Business Wire

CATSKILL, N.Y. -- January 17, 2013

Greene County Bancorp, Inc. (NASDAQ: GCBC), today announced that its Board of
Directors has approved the continuation of the Company’s regular quarterly
cash dividend of $0.175 per share. The dividend reflects an annual cash
dividend rate of $0.70 per share.

The cash dividend for the quarter ended December 31, 2012 will be paid to
shareholders of record as of February 15, 2013 and is expected to be paid on
or about April 1, 2013.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC
(the “MHC”), a federal mutual holding company, which owns 55.1% of the
Company’s outstanding common shares. The MHC intends to seek the approval of
the MHC’s members (depositors of The Bank of Greene County) to waive the MHC’s
receipt of this dividend, as well as on any future dividends declared by the
Company on its common stock during the twelve months subsequent to the
members’ approval of the dividend waiver proposal, at a special meeting of
members scheduled for February 19, 2013.

Historically, the MHC has waived its right to receive dividends declared on
its shares of the Company’s common stock, and the MHC has waived the receipt
of dividends for the quarter end December 31, 2012, subject to the
non-objection of the Federal Reserve Board. The Federal Reserve Board has
adopted interim final regulations that impose significant conditions and
restrictions on the ability of mutual holding companies to waive the receipt
of dividends from their subsidiaries. If the MHC obtains approval of its
members at the special meeting of members to waive the dividend, it will then
seek the non-objection of the Federal Reserve Board for such dividend waiver.
If this non-objection is obtained prior to April 1, 2013, the expected payment
date of the dividend, the MHC intends to waive its receipt of the dividend.

                                    * * *

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 Greene, Columbia and
Albany Counties in New York from twelve full-service branch locations.

Contact:

Greene County Bancorp, Inc.
Donald E. Gibson, 518-943-2600
President and Chief Executive Officer
donaldg@tbogc.com