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Greene County Bancorp redeems $10M notes

GREENE COUNTY BANCORP, INC.

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

GREENE COUNTY BANCORP, INC. (GCBC) redeemed $10.0 million in aggregate principal amount of its outstanding 3.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2031. The redemption price was 100% of principal plus accrued and unpaid interest to, but excluding, September 15, 2026.

After this partial redemption, $20.0 million in aggregate principal amount of these Notes remains outstanding. The company funded the redemption with cash on hand, indicating the transaction was handled without new external financing.

Positive

  • $10.0 million of 3.00% subordinated debt was redeemed using cash on hand, reducing outstanding notes and interest expense while avoiding new borrowing.

Negative

  • None.

Insights

Analyzing...

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Principal Redeemed $10.0 million Aggregate principal amount of subordinated notes redeemed on September 15, 2026
Coupon Rate 3.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2031
Principal Remaining Outstanding $20.0 million Aggregate principal amount of notes remaining after redemption
Redemption Price 100% of principal plus accrued interest Price paid for the $10.0 million note redemption
Maturity Date of Notes September 15, 2031 Final maturity of the 3.00% Fixed-to-Floating Rate Subordinated Notes
Fixed-to-Floating Rate Subordinated Notes financial
"3.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2031"
A fixed-to-floating rate subordinated note is a debt security that pays a set interest rate for an initial period and then switches to a variable rate tied to a market benchmark; it ranks below senior debt for repayment if the issuer has financial trouble. Investors care because it offers higher initial yield than senior bonds but carries greater credit and repayment risk and exposes holders to changing interest costs after the switch, like moving from a steady paycheck to one that fluctuates with the economy.
aggregate principal amount financial
"redeemed $10.0 million in aggregate principal amount of its outstanding"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
redemption price financial
"The redemption price was equal to 100% of the principal amount redeemed"
The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What debt did GCBC redeem according to this 8-K?
GCBC redeemed $10.0 million in aggregate principal amount of its 3.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2031, paying 100% of principal plus accrued and unpaid interest to, but excluding, September 15, 2026.

How much of the subordinated notes of GCBC remain outstanding after the redemption?
After the transaction, $20.0 million in aggregate principal amount of Greene County Bancorp’s 3.00% Fixed-to-Floating Rate Subordinated Notes due 2031 remains outstanding.

How did GCBC fund the $10 million note redemption?
GCBC funded the redemption of the $10.0 million principal amount of subordinated notes with cash on hand, rather than issuing new debt or equity.

What price did GCBC pay to redeem its subordinated notes?
GCBC paid a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest thereon to, but excluding, September 15, 2026.

What is the interest rate and maturity of GCBC’s remaining subordinated notes?
The remaining $20.0 million of subordinated notes carry a 3.00% fixed-to-floating interest rate and are due on September 15, 2031.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): September 15, 2026

GREENE COUNTY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)

United States of America
  
0-25165
  
14-1809721
(State or Other Jurisdiction of Incorporation)
  
(Commission File No.)
  
(I.R.S. Employer Identification No.)

302 Main Street, Catskill NY
12414
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code: (518) 943-2600

Not Applicable
(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))

Securities registered pursuant to Section 12(b) of the Act:

Title of class
Trading symbol
Name of exchange on which registered Common
Common Stock, $0.10 par value
 GCBC
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01
Other Events

On September 15, 2026, Greene County Bancorp, Inc. (the “Company”) redeemed $10.0 million in aggregate principal amount of its outstanding 3.00% Fixed-to-Floating Rate Subordinated Notes due September 15, 2031 (the “Notes”). The redemption price was equal to 100% of the principal amount redeemed, plus accrued and unpaid interest thereon to, but excluding, September 15, 2026. Following the redemption, $20.0 million in aggregate principal amount of the Notes remains outstanding. The Company funded the redemption with cash on hand.

Item 9.01
Financial Statements and Exhibits


Exhibit No.
Description




104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: September 15, 2026
 By:
/s/ Donald E. Gibson
 
Donald E. Gibson
 
President & Chief Executive Officer


Source: View Original Filing on SEC EDGAR

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