UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2009
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GREENE COUNTY BANCORP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Federal 0-25165 14-1809721
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(State or Other Jurisdiction (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
302 Main Street, Catskill NY 12414
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (518) 943-2600
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
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Greene County Bancorp, Inc. (the "Company") previously announced that it
had applied to participate in the U.S. Treasury Department's TARP Capital
Purchase Program ("CPP"). On April 30, 2009, the Company withdrew its
application for participation in the CPP. The decision to withdraw its
application reflected the Company's concerns with the potential for additional
regulatory burdens associated with the CPP and the possibility that Congress
could further change the terms of the transaction or impose additional burdens
at any time.
In lieu of the CPP, the Company has secured a revolving line of credit in
the amount of $5.0 million (the "Line of Credit") from the Atlantic Central
Bankers Bank. The Line of Credit is secured by all of the outstanding shares of
common stock of The Bank of Greene County, the Company's banking subsidiary (the
"Bank"). The interest rate on the Line of Credit is a floating rate equal to the
prime rate, as reported in the Wall Street Journal. The term of the Line of
Credit is three years. Interest only on draws will be payable monthly. The
entire outstanding principal balance, together with accrued and unpaid interest,
will be due on the maturity date. No prepayment fee will be charged.
Draws under the Line of Credit, if any, will be injected into the Bank as
Tier 1 Capital. However, the Company has not drawn on the Line of Credit and has
no immediate plans to do so as the Bank exceeds all of its regulatory capital
requirements by substantial margins.
Item 9.01. Financial Statements and Exhibits
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(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibit. None
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
GREENE COUNTY BANCORP, INC.
DATE: April 30, 2009 By: /s/ Donald E. Gibson
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Donald E. Gibson
President and Chief Executive Officer