GOUVERNEUR, N.Y., Nov. 21, 2013 /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 58.82% of the Company's outstanding common stock, received member approval 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. Members approved the annual waiver at a special meeting held November 18, 2013.
Regulations of the Board of Governors of the Federal Reserve System (the "Federal Reserve") prohibit the waiver of dividends by Cambray MHC unless the waiver has been approved by its members, consisting of depositors of the Bank. The waiver must also be approved by the Federal Reserve. A request for regulatory approval will be submitted this week.
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.
SOURCE Gouverneur Bancorp, Inc.