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Business & Technology

Green Bankshares sells $72.2M in stock to bailout program

December 24th, 2008 12:00 am by Staff Report

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.

CLICK HERE for the full report.

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