Greene County Bancorp, Inc. Announces Stock Repurchase Program

Business Wire, August 18, 1999

CATSKILL, N.Y.--(BUSINESS WIRE)--Aug. 18, 1999--

Greene County Bancorp, Inc. (NASDAQ:GCBC) the holding company of The Bank of Greene County, today announced it had received all required regulatory approvals for the initiation of a stock repurchase program. In the program, the Company intends to repurchase up to 5% of its issued and outstanding shares of common stock, or up to 107,638 shares. All repurchases will be made in open market transactions, which are expected to begin immediately and are expected to continue over a period of one year.

J. Bruce Whittaker, President and Chief Executive Officer of the Company, stated "We are pleased to announce the initiation of our repurchase program. We believe the common stock of the Company represents a compelling value at current trading prices, and we believe the deployment of some of the Company's capital into this investment is warranted."

Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, a New York-chartered savings bank located in Catskill, NY. The Bank serves Greene County, New York from four full-service branch offices. The Company was organized as the Bank's holding company in December, 1998 in connection with the mutual holding company reorganization and stock offering of the Bank.