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Green Bankshares Confirms Fourth Quarter and Year End Results

^{Published on 2009-02-24 15:04:41, Last Modified on 2009-02-24 15:05:22 - Market Wire}
 

GREENEVILLE, Tenn.--([ BUSINESS WIRE ])--Green Bankshares, Inc. (NASDAQ:GRNB), the holding company for GreenBank, today announced that management has completed a review and analysis of the valuation of the Company's goodwill, which was announced on January 22, 2009 along with preliminary financial results for the fourth quarter and full-year 2008. Using third-party data, this review and analysis found no impairment of goodwill and, as a result, the Company's financial results as previously reported are considered final.

Greeneville, Tennessee-based Green Bankshares, Inc., with total assets of approximately $2.945 billion, is the holding company for GreenBank. GreenBank, which traces its origin to 1890, has 63 branches across East and Middle Tennessee, and one branch each in Bristol, Virginia, and Hot Springs, North Carolina. It also provides wealth management services through its GreenWealth Division and residential mortgage lending through its Mortgage Division. In addition, GreenBank conducts separate businesses through three wholly owned subsidiaries: Superior Financial Services, Inc., a consumer finance company; GCB Acceptance Corporation, a consumer finance company specializing in automobile lending; and Fairway Title Co., a title insurance company.

Certain matters discussed in this news release are not historical facts but are "forward-looking statements" within the meaning of and are furnished pursuant to the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risk and uncertainty and actual results could differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Risks and uncertainties related to the Company's business are discussed in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2007, and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update forward-looking statements.