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GOUVERNEUR, N.Y, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Charles C. Van Vleet, President and Chief Executive Officer of Gouverneur Bancorp, Inc. (OTC Pink: GOVB) (“Bancorp” or the “Company”) and its subsidiary, Gouverneur Savings and Loan Association (the “Bank”), announced today that the Company’s board of directors has declared a semi-annual dividend payment of $0.17 per share for all stockholders of record as of the close of business on September 16, 2019. This dividend will be paid on September 30, 2019.
Mr. Van Vleet commented, “A key reason for Gouverneur Bancorp's success has been its ability to pay twenty years of competitive dividends, and I am proud to announce its 40th consecutive semi-annual dividend paid by the Company. Gouverneur Savings and Loan Association continues to be strong and well-capitalized.”
In addition, the Company also announced today that its Board of Directors has authorized a stock repurchase program to allow the Company to acquire up to $2.0 million of the Company’s currently issued and outstanding shares of common stock over a twelve-month period. The stock repurchase program was adopted following the receipt of a notice of non-objection from the Federal Reserve Bank of Philadelphia and approved by the New York State Department of Financial Services. Repurchases under this program may be made in open market transactions or privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares.
Founded in 1892, the Bank is a New York State chartered savings and loan association offering a variety of banking products and services to individuals and businesses in its primary market area of St. Lawrence, Lewis and Jefferson Counties in New York State.
For more information, contact Charles C. Van Vleet Jr., President and Chief Executive Officer at (315) 287-2600.