Bank of Greene County

Bank of Greene County is a community-oriented savings bank headquartered in Catskill, New York. Its branch and banking-center network serves customers and businesses in Greene, Columbia, Albany, Ulster, and Rensselaer counties in New York State. The institution operates as the banking subsidiary of Greene County Bancorp, Inc., a publicly traded holding company whose common stock trades on Nasdaq under the symbol GCBC. The bank traces its origins to January 22, 1889, when it was established as the Building & Loan Association of Catskill. Thomas E. Ferrier, a Catskill town supervisor and local business owner, became the association's first president. The institution initially focused on the savings and building-and-loan activities typical of a local mutual financial organization. In 1911 it adopted the name Catskill Savings & Loan Association and began accepting savings deposits, broadening its role as a community deposit institution. The organization acquired its first premises in 1930, purchasing a building at 389 Main Street in Catskill. Its assets reached $1 million in 1940. In 1963 it moved to 425 Main Street, where it operated a full-service office with a drive-up window. A major structural change occurred in 1974, when the savings and loan converted to a state-chartered savings bank and became Greene County Savings Bank. That year it also opened its first dedicated branch in Coxsackie. The institution expanded its leadership and geographic reach during the late twentieth century. J. Bruce Whittaker became president in 1987. In 1998, the bank adopted the Bank of Greene County name, converted to a public-company structure, and established Greene County Bancorp, Inc. as its holding company. The same period brought the creation of a charitable foundation supporting education, the arts, affordable housing, and other community causes. The bank's public-company transition was followed by Nasdaq approval for Greene County Bancorp common stock in 1999 under the symbol GCBC. The bank's physical presence grew through new and relocated offices across the Hudson Valley and Capital Region. It purchased and renovated the historic art deco Cooperative Insurance Building at 302 Main Street in Catskill for administrative use, later adding locations in communities including Tannersville, Westerlo, Hudson, Greenport, Chatham, Ravena, Germantown, Kingston, Copake, Woodstock, and Albany. It established an operations department at 288 Main Street in 2006 and a lending center at 341 Main Street in 2013. The latter building, constructed in 1909 and formerly associated with Catskill Savings Bank, was added to the Greene County Historical Register in 2014. Leadership transitioned from Whittaker to Donald E. Gibson in 2007. Gibson had joined the bank in 1987 and held senior commercial and retail banking responsibilities before becoming president and chief executive officer. Under Gibson, the bank continued extending its reach, including entry into Ulster County with a Kingston location in 2015 and a Woodstock office in 2018. It later added a Colonie location in Albany County, a customer-service center, an East Greenbush branch in Rensselaer County, and the Capital Region Banking Center, a non-branch office opened in 2024. Bank of Greene County provides consumer and business banking, lending, deposit services, wealth management, and related financial services. During the COVID-19 pandemic it processed Paycheck Protection Program applications for Upstate New York businesses. Its community orientation has also been reflected in its charitable foundation, local historic-preservation activities, and participation in regional economic support initiatives. In 2023 it opened a wealth management center in the former Tanners Bank Building in Catskill and was added to the New York State Historic Business Preservation Registry. In 2024 it marked its 135th anniversary and twenty-five years of Nasdaq trading by ringing the Nasdaq closing bell in Times Square.

Bank of Greene County began on January 22, 1889, as the Building & Loan Association of Catskill. Thomas E. Ferrier, a local civic and business figure, was elected its first president. The organization initially reflected the building-and-loan model used by community financial institutions to help local residents save and finance property. In 1911 it became the Catskill Savings & Loan Association and began accepting savings deposits. The institution established a permanent physical presence in Catskill during the early twentieth century. In 1930 it purchased its first building, at 389 Main Street, and in 1940 its assets reached $1 million. A larger full-service location at 425 Main Street opened in 1963, including a drive-up window. In 1974 the organization converted to a state-chartered savings bank, adopted the name Greene County Savings Bank, and opened its first dedicated branch in Coxsackie. J. Bruce Whittaker became president in 1987. The most important corporate transition came in 1998, when Greene County Savings Bank adopted the Bank of Greene County name, became publicly owned through Greene County Bancorp, Inc., and created a charitable foundation. The bank's common stock received Nasdaq approval in 1999 under the symbol GCBC. It also acquired and renovated the former Cooperative Insurance Building at 302 Main Street in Catskill for administrative headquarters. The building, dating from 1931 and designed by E. P. Valkenburgh, became part of the bank's expanding Catskill presence. During the following years, the bank developed a multi-county network across the Hudson Valley and the Capital Region. It opened, relocated, or expanded offices in communities including Tannersville, Westerlo, Hudson, Greenport, Chatham, Ravena, Germantown, Kingston, Copake, Woodstock, and Albany. The operations department was established at 288 Main Street in 2006. On June 30, 2007, Whittaker retired after two decades as president and chief executive officer. Donald E. Gibson, who had joined the institution in 1987 and had become a senior vice president overseeing commercial and retail banking, succeeded him. The bank continued investing in historic Catskill properties and specialized facilities. It opened a lending center at 341 Main Street in 2013; the building had been constructed in 1909 by architect Marcus T. Reynolds and had previously been associated with Catskill Savings Bank. The property entered the Greene County Historical Register in 2014. The bank announced its first Ulster County branch in Kingston in late 2014, with the location opening in early 2015, and added a Woodstock location in fall 2018. Greene County Bancorp's public-market profile developed alongside the bank's geographic expansion. In 2016 the company declared a two-for-one stock split and was included in the FTSE Russell 3000 for the first time. Its stock entered the Russell 2000 in 2022. These events concerned the holding company's publicly traded shares rather than a separate consumer brand. The COVID-19 pandemic highlighted the bank's role as a regional business lender. In 2020 it processed Paycheck Protection Program applications for Upstate New York businesses seeking support for payroll and continuing operations during shutdown conditions. Its pandemic-era community support was recognized with a New York State Empire Award presented by Senator Michelle Hinchey in 2021. Recent expansion has concentrated on the Capital Region and on specialized services. The bank opened a Colonie location in Albany County in 2020, moved its customer service center to a stand-alone building in fall 2021, opened its first Rensselaer County branch in East Greenbush in 2023, and opened a wealth management center at 345 Main Street in Catskill the same year. The former Tanners Bank Building also contributed to the bank's preservation-oriented local identity. In 2023 the institution was added to the New York State Historic Business Preservation Registry. In 2024 it opened the Capital Region Banking Center, its first non-branch office outside Catskill, and marked its 135th anniversary and twenty-five years of Nasdaq trading by ringing the Nasdaq closing bell.

• 2024

  Opened Capital Region Banking Center

  [1]Bank of Greene Countyen.wikipedia.org

  The bank opened its first non-branch office outside Catskill.

• 2023

  Opened wealth management center and East Greenbush branch

  [1]Bank of Greene Countyen.wikipedia.org

  The bank added a wealth management center in Catskill and opened its first Rensselaer County location in East Greenbush.

• 2020

  Expanded Albany County presence

  [1]Bank of Greene Countyen.wikipedia.org

  The bank opened a location on Wolf Road in the Town of Colonie.

• 2015

  Entered Ulster County

  [1]Bank of Greene Countyen.wikipedia.org

  The bank opened its first Ulster County branch in Kingston.

• 2007

  Donald E. Gibson became president and CEO

  [1]Bank of Greene Countyen.wikipedia.org

  Gibson succeeded J. Bruce Whittaker following Whittaker's retirement.

• 1999

  GCBC approved for Nasdaq listing

  [1]Bank of Greene Countyen.wikipedia.org

  Greene County Bancorp common stock was approved for trading on Nasdaq under the symbol GCBC.

• 1998

  Adopted the Bank of Greene County name and formed a holding company

  [1]Bank of Greene Countyen.wikipedia.org

  The bank became publicly owned through Greene County Bancorp, Inc. and established a charitable foundation.

• 1974

  Converted to a savings bank

  [1]Bank of Greene Countyen.wikipedia.org

  The Catskill Savings & Loan Association became a state-chartered savings bank, adopted the Greene County Savings Bank name, and opened a Coxsackie branch.

• 1930

  First owned building acquired

  [1]Bank of Greene Countyen.wikipedia.org

  The association purchased its first building at 389 Main Street in Catskill.

• 1911

  Name changed to Catskill Savings & Loan Association

  [1]Bank of Greene Countyen.wikipedia.org

  The organization adopted a new name and began accepting savings deposits.

• 1889

  Building & Loan Association of Catskill founded

  [1]Bank of Greene Countyen.wikipedia.org

  The institution was established on January 22, 1889, with Thomas E. Ferrier as its first president.

A locally rooted community bank combining traditional deposit and lending services with regional branch access, business banking, wealth management, and community support across the Hudson Valley and Capital Region.

• Retail banking

  Personal banking

  The bank's personal-banking activities center on deposit accounts and consumer financial services delivered through local branches and banking centers. The historically documented savings-bank model developed into a broader community-banking offering for households in the counties served by the institution.

• Commercial banking

  Business banking

  Business banking includes commercial deposits, relationship banking, and lending for enterprises in the Hudson Valley and Capital Region. The bank's commercial-banking capabilities also supported its processing of Paycheck Protection Program applications for Upstate New York businesses during the COVID-19 pandemic.

• Lending

  Residential and commercial lending

  Lending is a core part of the institution's community-bank model and includes residential mortgages, consumer borrowing, and commercial lending. The dedicated lending center opened in Catskill in 2013, reinforcing lending as a distinct operating capability within the bank's network.

• Wealth management · 2023

  Wealth management

  The bank established a wealth management center at 345 Main Street in Catskill in 2023. The center broadened the institution's service scope beyond deposits and lending into wealth-management activities for individuals and other customers.

• 2024135th anniversary and Nasdaq anniversary commemoration

  United States

  The bank commemorated its 135th anniversary and twenty-five years of trading on Nasdaq by ringing the Nasdaq closing bell in Times Square.

  Outcome. The event publicly highlighted the institution's longevity and its relationship with the Nasdaq-listed Greene County Bancorp holding company.

  Source
• 2020Paycheck Protection Program support

  Upstate New York

  Bank of Greene County processed Paycheck Protection Program applications for businesses during the COVID-19 pandemic. The federally created program was intended to help eligible businesses preserve payroll and remain operational during disruption.

  Outcome. The bank's pandemic community support, including PPP participation, was recognized with a New York State Empire Award in 2021.

  Source

• 2020

  Pandemic lending supportStrategy

  Background

  Businesses in Upstate New York faced pandemic-related shutdowns and payroll pressure.

  Action taken

  The bank processed Paycheck Protection Program applications under the federal CARES Act.

  Aftermath

  The activity became part of the bank's documented community response and contributed to its recognition with a 2021 New York State Empire Award.

  Source

• 2016

  Two-for-one stock splitOther

  Background

  Greene County Bancorp had publicly traded common stock under the GCBC symbol.

  Action taken

  The holding company declared a two-for-one split of outstanding common shares.

  Aftermath

  Shareholders of record received two shares for each share held, with the per-share market price adjusted accordingly.

  Source

• 1998

  Adoption of Bank of Greene County identity and public-company structureStrategy

  Background

  The institution sought a new corporate identity and ownership structure after operating for decades as Greene County Savings Bank.

  Action taken

  It adopted the Bank of Greene County name, went public, established Greene County Bancorp, Inc. as its holding company, and created a charitable foundation.

  Aftermath

  The bank's holding company received Nasdaq listing approval in 1999, while the foundation became a vehicle for regional charitable support.

  Source

• 1974

  Conversion from savings and loan association to savings bankStrategy

  Background

  The Catskill Savings & Loan Association changed its charter and operating identity as part of its institutional development.

  Action taken

  It became a state-chartered savings bank, adopted the Greene County Savings Bank name, and opened a branch in Coxsackie.

  Aftermath

  The conversion established the savings-bank structure and regional expansion platform that preceded the later Bank of Greene County identity.

  Source

1. 1Bank of Greene Countyen.wikipedia.org