Greene County Bancorp, Inc. Announces Increased Cash Dividend

Business Wire, July 17, 2008

CATSKILL, N.Y. -- Greene County Bancorp, Inc. (NASDAQ:GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.17 per share of the Company's common stock. The dividend reflects an annual cash dividend rate of $0.68 per share which represents a 6.3 percent increase from the previous annual cash dividend rate of $0.64 per share.

The dividend will be paid to shareholders of record as of August 15, 2008, payable as of September 1, 2008.

The Company is the majority-owned subsidiary of Greene County Bancorp, MHC, a federal mutual holding company, which owns 56.1 percent of the Company's outstanding shares. Greene County Bancorp, MHC waived its right to receive dividends on its shares of the Company.

Greene County Bancorp, Inc. is the direct and indirect holding company, respectively, for The Bank of Greene County, a federally-chartered thrift, and Greene County Commercial Bank, a New York-chartered commercial bank, both headquartered in Catskill, New York. The Bank serves Greene and Columbia Counties, and southern Albany County, New York from ten full-service branch locations in Catskill, Catskill Commons, Cairo, Chatham, Coxsackie, Greenville, Greenport, Hudson, Tannersville and Westerlo. The Bank has recently announced plans to open an eleventh branch in Ravena, New York. The Company was organized in 1998 in connection with the mutual holding company reorganization and stock offering of The Bank of Greene County.