Greene County Bancorp redeems $10 million of subordinated notes

Greene County Bancorp, Inc. (NASDAQ: GCBC) redeemed $10 million of its outstanding 3.00% Fixed-to-Floating Rate Subordinated Notes due on September 15, 2031. The company paid $10 million in principal, plus accrued interest up until but not including September 15, 2026. The redemption price equated to 100% of the redeemed principal plus the interest, resulting in a total of $20 million in outstanding principal for the notes.

Greene County Bancorp funded the redemption using its cash reserves. The debt reduction comes at a time when the company's stock is near its 52-week high of $36.27, trading at $35.66, and has experienced a 61% year-to-date gain. However, investing experts suggest that the stock is currently overvalued. The company has a history of maintaining dividend payments for 27 consecutive years, and there are additional tips available for subscribers. This news comes from a press release filed with the Securities and Exchange Commission.