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Regional & National

Greene Bankshares loses $151.4 million in 2nd quarter

July 22nd, 2009 12:00 am by Staff Report

The Greeneville Sun is reporting that Greene Bankshares, Inc., the holding company for GreenBank,  reported net losses of $151.4 million -  $11.58 per diluted share for the second quarter.

The loss "was primarily driven by an after-tax, non-cash goodwill impairment charge of $137.4 million, or $10.51 per diluted share."

The bank emphasized in a four-page news release, "This charge had no impact on the company's cash, liquidity, tangible equity ratio, or its strong regulatory capital ratios."

However, Jim Adams, executive vice president and chief financial officer, said in an interview with the Sun on  Tuesday, that Green Bankshares felt the holding company was required to record in its financial report the lost "goodwill" toward Green Bankshares reflected in its plummeting stock price.

CLICK HERE for the full report.

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