Greene County Bancshares Extends Share Repurchase Plan
19 November 2005 - 8:05AM
Business Wire
Greene County Bancshares, Inc. (NASDAQ:GCBS) today announced that
its Board of Directors has extended the Company's current stock
repurchase plan for an additional year. The plan is now set to
expire on December 1, 2006, or earlier if the authorized amount is
reached. The Company implemented its current stock repurchase plan
in November 2004 by authorizing the repurchase of up to
approximately $4,462,000 of the Company's outstanding common stock.
No share repurchases have been made under the current plan. The
currently authorized amount represents the unexpended authorization
under the Company's former $5,000,000 stock repurchase plan; under
the previous plan, the Company repurchased 25,700 shares of its
common stock for an aggregate purchase amount of approximately
$538,000. Currently, Greene County Bancshares has approximately 9.8
million shares outstanding. Share repurchases under the Company's
program may be made from time to time in the open market depending
on market conditions, although unsolicited negotiated transactions
may occur. Accordingly, there is no guarantee as to the exact
number of shares that may be repurchased. Greeneville,
Tennessee-based Greene County Bancshares, Inc., with total assets
of approximately $1.6 billion, is the holding company for Greene
County Bank and is the second largest bank holding company
headquartered in the state of Tennessee. Greene County Bank,
founded in 1890, now has 47 branches throughout East and Middle
Tennessee, one branch in Bristol, Virginia, one branch in western
North Carolina, and a trust services office in Lebanon, Tennessee.
Greene County Bank does business in Washington County, Tennessee as
Washington County Bank; in Blount County and Knox County, Tennessee
as American Fidelity Bank; in Montgomery County, Tennessee as
Clarksville Community Bank; in Sumner County, Tennessee as First
Independent Bank; in Rutherford County, Tennessee as Rutherford
Bank and Trust; in Sullivan County, Tennessee as Sullivan County
Bank and First Bristol Bank; in Hamblen County, Tennessee as
Hamblen County Bank; in McMinn County, Tennessee as Bank of Athens
and Bank of Niota; in Hawkins County, Tennessee as Hawkins County
Bank and Bank of Bulls Gap; in Lawrence County, Tennessee as Bank
of Lawrence County; in Cocke County, Tennessee as Cocke County
Bank; in Loudon County, Tennessee as Community Bank of Loudon
County; in Monroe County, Tennessee as Community Trust Bank; in the
City of Bristol, Virginia as First Bristol Bank; in Davidson County
and Williamson County, Tennessee as Middle Tennessee Bank &
Trust; and in Wilson County, Tennessee as President's Trust. In
addition, Greene County Bank also conducts separate businesses
through three wholly owned subsidiaries: Superior Financial
Services, Inc., a consumer finance company; GCB Acceptance
Corporation, a consumer finance company specializing in subprime
automobile lending; and Fairway Title Co., a title insurance
company. This news release may contain forward-looking statements
regarding Greene County Bancshares, Inc., as defined in Section 21E
of the Securities Exchange Act of 1934. All forward-looking
statements involve risk and uncertainty and actual results could
differ materially from the anticipated results or other
expectations expressed in the forward-looking statements. A
discussion of factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
is included in the Greene County Bancshares, Inc. filings with the
Securities and Exchange Commission.
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