SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
GOUVERNEUR, N.Y., April 07, 2017 -- Gouverneur Bancorp, Inc. (OTC Pink:GOVB), the holding company for Gouverneur Savings & Loan Association (the “Bank”), announced today that the Bank has terminated its employee stock ownership plan (the “Plan”) effective December 31, 2016. In connection with the termination of the Plan, the Company will incur an expense of $11,000 and the assets of the Plan will be distributed to participants in the Plan. The Company anticipates that the termination of the Plan will provide participants with greater control over their retirement funds, including the ability to diversify their account balances, and will result in an annual cost savings of approximately $19,000 for the Company as a result of eliminated administrative and valuation fees and semi-annual dividend payments. The Company does not anticipate that the termination of the Plan and the repurchase of the shares of Company common stock will adversely impact the Bank’s capital ratios or liquidity position.
The Company, which is headquartered in Gouverneur, New York, is the holding company for Gouverneur Savings and Loan Association. Founded in 1892, the Bank is a New York State chartered savings and loan association offering a variety of banking products and services to individuals and businesses in its primary market area in southern St. Lawrence, Lewis and Jefferson Counties in New York State.
Statements in this news release contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs of management as well as assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. These risks and uncertainties include among others, the impact of changes in market interest rates and general economic conditions, changes in government regulations, changes in accounting principles and the quality or composition of the loan and investment portfolios. Therefore, actual future results may differ significantly from results discussed in the forward-looking statements.
Contact: Charles C. Van Vleet, Jr. President and Chief Executive Officer (315) 287-2600
