Item 8.01 Other Events

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

(a) Not Applicable.

(b) Not Applicable.

(c) Not Applicable.

(d) Exhibit. None