BARDONIA, NY--(Marketwired - October 21, 2016) - Kenneth J. Torsoe, chairman of the board of directors of Greater Hudson Bank (the "Bank") (OTCQX: GHDS), announced that on October 20, 2016, the board of directors of the Bank declared a special cash dividend payable to holders of the Bank's common stock of five cents ($0.05) per share. The dividend will be paid on December 23, 2016 to stockholders of record on December 9, 2016.
Mr. Torsoe commented that, "The Bank is proud to be in a position to pay a cash dividend. This special cash dividend is attributable to the Bank's performance, its strong capital position and its commitment to maximizing its return to investors."
Edward T. Lutz, president and CEO of Greater Hudson Bank, stated, "We are very pleased to be able to reward our shareholders who show a continued belief in the mission of our Bank, and our commitment to the communities that we serve with this cash dividend."
Greater Hudson Bank, founded in 2002, is headquartered in Bardonia, NY. The Bank, which specializes in providing customized banking services to Hudson Valley based businesses, non-profits and municipal agencies is chartered by the New York State Department of Financial Services and its deposits are insured by the FDIC. As evidence of the Bank's financial strength, Greater Hudson Bank has been recognized with a superior rating by the country's leading independent bank rating and research firm, BauerFinancial, Inc. Further information can be found on the Bank's website at www.GreaterHudsonBank.com or by calling 844-GREAT-11.
Forward-Looking Statements: This Press Release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are to be considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risk and uncertainties, and that actual results may differ from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risk and uncertainties. In addition, any statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.