July 16, 2009 (FinancialWire) — Gouverneur Bancorp, Inc. (OTCBB: GOVB) said it has received approval from the Office of Thrift Supervision for permission to pay a $250,000 dividend payment from Gouverneur Savings and Loan Association to the company for the purpose of repurchasing publicly held shares of its common stock.

Company CEO Richard F. Bennett said that the buyback program will be accretive to book value per share since Gouverneur stock is currently trading at a “substantial discount” to book value. He said that the stock’s book value per share at June 30 was around $9.45 and it is currently trading at less than 70% of that.

Gouverneur said it expects to commence the stock repurchase within the next few weeks.

Gouverneur, New York-based Gouverneur Bancorp is the holding company for Gouverneur Savings and Loan Association, a federally chartered association offering banking products and services to individuals and businesses in its primary market area in southern St. Lawrence and northern Lewis and Jefferson Counties in New York State.

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