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GOUVERNEUR, N.Y. - Gouverneur Bancorp, Inc. (OTCQB:GOVB), a financial institution with a market capitalization of $13.7 million and a notable track record of maintaining dividend payments for 26 consecutive years according to InvestingPro, announced Tuesday the appointment of Stephen M. Jefferies as President and Chief Executive Officer of both the holding company and Gouverneur Savings and Loan Association, effective September 2, 2025.
Jefferies, who brings nearly 40 years of banking industry experience, will also join the Board of Directors of both entities. He previously served as President and CEO of Community Bank & Trust in LaGrange, Georgia from March 2022 to April 2025, and held executive positions at U.S. Eagle Federal Credit Union and Flagship Community Bank.
"Steve brings a proven track record of financial leadership," said Clara P. Cummings, Chair of the Board of Directors, in a press release statement.
Jefferies will replace Charles C. Van Vleet, Jr., who will retire as Interim President and CEO on September 2. Van Vleet plans to remain with the company through December 31, 2025, to assist with the transition after three decades of service.
Gouverneur Bancorp is the holding company for Gouverneur Savings and Loan Association, a New York chartered institution founded in 1892. As of June 30, 2025, the company reported total assets of $196.7 million, deposits of $159.4 million, and stockholders’ equity of $31.4 million.
In other recent news, Gouverneur Bancorp, Inc. has announced the approval of a new stock repurchase program. The Board of Directors has authorized the buyback of up to 52,778 shares, which accounts for 5% of the company’s outstanding common stock. This program will be executed through open market purchases or privately negotiated transactions, potentially including a Securities and Exchange Commission Rule 10b5-1 trading plan. The timing and amount of repurchases will depend on market conditions and other considerations. This development reflects the company’s strategic decision to manage its capital structure actively. Investors may view such buyback programs as an indication of the company’s confidence in its current valuation. This announcement comes as part of Gouverneur Bancorp’s ongoing efforts to enhance shareholder value.
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