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.comments powered by Disqus