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Green Bankshares sells $72.2M in stock to bailout program

Staff Report • Dec 24, 2008 at 12:00 AM

According to the Nashville Business Journal Green Bankshares Inc. has completed the sale of 72,278 shares of Series A preferred equity stock for $72.2 million to the U.S. Treasury Department under the department's Capital Purchase Program.Green Bankshares is the holding company for GreenBank. The new preferred shares represent 3 percent of the company's risk-weighted assets and have a 5 percent coupon for five years, and 9 percent after that.Stan Puckett, the bank’s chairman and CEO says in a release that Green Bankshares is already well-capitalized, however, “We think it is prudent to strengthen our capital at this time in case the economy remains weak for and extended period of time.

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