A recent study showed that streaming energetic (>200 keV) electrons in Earth's magnetotail are statistically associated with southward magnetic fields and with enhancements of the AE index. It is shown here that the streaming electrons characteristically are preceded by a~15 minute period of tailward plasma flow and followed by a dropout of the plasma sheet, thus demonstrating a clear statistical association between substorms and the classical signatures of magnetic reconnection and plasmoid formation. Additionally, a brief upward surge of mean electron energy preceded plasma dropout in several of the events studied, providing direct evidence of localized, reconnection-associated heating processes.