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GreenBank's holding company reports big losses

Staff Report • Jan 26, 2009 at 12:00 AM

The Greeneville Sun is reporting that Green Bankshares, Inc., the holding company for GreenBank, reported preliminary financial results for the fourth quarter of 2008 were as grim.The bank said in a new press release that it expects to report "a net loss available to common shareholders" of $15,326,000, or $1.18 per diluted share, for the quarter.The bank said that "The company's capital ratios are strong, will remain strong, and will be above the regulatory requirements necessary to be deemed a well-capitalized financial institution."Stan Puckett, Green Bank's chairman and CEO, stated, "The company's performance was clearly affected by the economic downturn of 2008 and, more specifically, the continued weaknesses in residential real estate markets and our exposure to these markets.

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