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GCBC > SEC Filings for GCBC > Form 8-K on 19-Dec-2011All Recent SEC Filings

Show all filings for GREENE COUNTY BANCORP INC



Other Events, Financial Statements and Exhibits

Item 8.01 Other Events

On December 12, 2011, Greene County Bancorp, Inc. (the "Company") received final approval of the Federal Reserve Bank of Philadelphia to organize Greene Property Holdings, Ltd. ("Greene Property"). Greene Property will be the direct, wholly-owned subsidiary of The Bank of Greene County (the Company's savings bank subsidiary)(the "Bank"). Greene Property is a New York corporation that will elect under the Internal Revenue Code to be taxed as a real estate investment trust ("REIT"). Greene Property will hold certain mortgage-related assets contributed to it by the Bank initially and over time. In addition to owning all of the common stock of Greene Property, the Bank will own 80% of the preferred stock of Greene Property; the remaining 20% of the preferred stock will be owned by certain employees of the Bank.

The Bank and Greene Property will enter into a Management and Servicing Agreement pursuant to which the Bank will act as general manager of the REIT, including managing the assets contributed to the REIT.

The transaction is scheduled to close on January 4, 2012.

Item 9.01. Financial Statements and Exhibits

(a) Not Applicable.

(b) Not Applicable.

(c) Not Applicable.

(d) Exhibits. None

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