GOUVERNEUR, N.Y., Oct. 3, 2014 /PRNewswire/ -- Gouverneur
Bancorp, Inc. (the "Company") (OTCQB Market: GOVB) the holding
company for Gouverneur Savings and Loan Association (the "Bank"),
today announced that Cambray Mutual Holding Company ("Cambray
MHC"), the mutual holding company that owns 58.96% of the Company's
outstanding common stock, will hold a special meeting of its
members to vote on a proposal to waive Cambray MHC's right to
receive annual dividends of up to $0.34 per share that may be declared by the
Company during the 12-month period following the member vote.
All dividends on the Company's common stock are declared at the
discretion of the Company's Board of Directors. The special
meeting will be held on November 17,
2014.
Regulations of the Board of Governors of the Federal Reserve
System prohibit the waiver of dividends by Cambray MHC unless the
waiver has been approved by its members, consisting of depositors
of the Bank.
There can be no assurance that the members will approve the
dividend waiver or that the Federal Reserve Board will not object
to the waiver even it is approved by members at the special
meeting. Over time, the failure to obtain this waiver could
result in a reduction in the dividend paid to public
shareholders.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur
Savings and Loan Association. Gouverneur Savings and Loan
Association is a federally-chartered savings and loan association
that operates two full-service offices in New York.
This press release may contain statements that are
forward-looking, as that term is defined by the Private Securities
Litigation Act of 1995 or the Securities and Exchange Commission in
its rules, regulations and releases. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. All forward-looking statements are based on current
expectations regarding important risk factors including, but not
limited to, real estate values, the impact of interest rates on
financing, changes in general economic conditions, legislative and
regulatory changes that adversely affect the business of the
Company and the ability of Cambray MHC to waive dividends and
changes in the securities markets. Accordingly, actual
results may differ from those expressed in the forward-looking
statements, and the making of such statements should not be
regarded as a representation by the Company or any other person
that results expressed therein will be achieved.
SOURCE Gouverneur Bancorp, Inc.