GreenBank reports $7.7 million 3Q loss
Oct 27, 2009 at 12:00 AM
GREENEVILLE — GreenBank, which more than doubled in size from 2005-2008 to become the second-largest bank headquartered in Tennessee, lost $7.7 million in the third quarter and has operating losses of $18.2 million so far this year.
The continued difficulty, which the bank attributed to “higher credit costs as the company continues its efforts to identify and address credit quality issues in the loan portfolio,” is not a surprise for a bank that was growing aggressively before the recession, a local banking expert said Monday.
“This is characteristic of a lot of banks that really grew their loan portfolio to a large extent through commercial real estate,” said Larry White, who holds the Chair of Banking at East Tennessee State University’s College of Business.
Read the full report at the Johnson City Press' Web site.