Gouverneur Bancorp, Inc. is a savings and loan holding company registered with the Office of Thrift Supervision. It holds all the outstanding capital stock of its wholly owned subsidiary, Gouverneur Savings and Loan Association (the Bank) and its principal business is the ownership of the Bank. The Company's business consists of gathering deposits from the general public within its market area and investing those deposits primarily in loans, debt obligations issued by the United States Government and its agencies, and mortgaged-backed securities. The Company's loans are mainly residential mortgage loans secured by one-to-four family residences with the balance of the portfolio composed of commercial mortgage loans, other consumer loans and other non-real estate commercial loans. The Company's primary sources of funds are deposits, borrowings from the Federal Home Loan Bank of New York and proceeds from principal and interest payments on loans and securities.
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