UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): July 22, 2009
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GREENE COUNTY BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Federal 0-25165 14-1809721
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
302 Main Street, Catskill, NY 12414
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(Address of principal executive offices)
(518)-943-2600
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Registrant's telephone number, including area code
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:
|_| 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 1.01. Entry into a Material Definitive Agreement.
On July 22, 2009, The Bank of Greene County (the "Bank"), the wholly owned
subsidiary of Greene County Bancorp, Inc. (the "Company"), entered into a
supervisory agreement with the Office of Thrift Supervision (the "OTS"), the
Bank's primary federal regulator, in response to certain deficiencies and
weaknesses related to the Bank's overdraft protection program and related to
compliance with certain flood laws and regulations. The agreement requires,
among other things, (A) development and implementation of policies and
procedures for a comprehensive overdraft protection program; (B) establishment
of a system to detect, monitor and report overdraft activity; and (C) revised
overdraft protection program disclosure statements. The agreement also requires
the Bank to reimburse customers for fees that violated certain daily transaction
fee and dollar cap limits. On July 16, 2009, the Bank refunded approximately
$89,000 in such fees to affected customers. The agreement also requires
development and implementation of a program for compliance with flood laws and
regulations.
The supervisory agreement is attached as an Exhibit to this Current Report on
Form 8-K. The foregoing description of the terms of the agreement is qualified
by reference to the agreement itself. The supervisory agreement will remain in
effect until modified, suspended or terminated by the OTS.
The Board of Directors and senior management of the Company and the Bank are
committed to thoroughly and expeditiously addressing and resolving all issues
raised in the supervisory agreement on a timely basis. The Bank has already
fulfilled a number of the obligations set forth in the supervisory agreement,
including the fee reimbursement obligation, and is in the process of undertaking
several actions to comply with the remaining requirements imposed by the
supervisory agreement. Compliance with the supervisory agreement is not expected
to have a material adverse effect on the Company's or the Bank's business or
operations.
Statements contained in this Current Report on Form 8-K that are not historical
facts may be forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from those currently anticipated due to a number of factors. Factors
that could result in material variations include, but are not limited to,
unanticipated events related to the supervisory agreement or actions by
regulators; and the inability of the Bank and the Company to comply with the
supervisory agreement. These factors should be considered in evaluating the
forward-looking statements and undue reliance should not be placed on such
statements.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
(c) Shell company transactions: None
(d) Exhibits: Exhibit 10.1
Supervisory Agreement, dated as of July 22, 2009
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SIGNATURES
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: July 22, 2009 By: /s/ Donald E. Gibson
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Donald E. Gibson
President and Chief Executive Officer
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