The holding company for GreenBank lost another $11.6 million, or 88 cents per share, in the first three months of 2011.

But in a quarterly report released Tuesday, Tennessee's seventh-biggest bank said the amount of red ink booked in the first quarter was far below the $52.8 million lost in the same time a year ago.

GreenBank CEO Stephen Rownd said the pending $217 million purchase and investment by National American Financial Holdings Inc., in GreenBank should shore up the troubled institution.

"The recapitalization strengthens our balance sheet and represents a strategically important step in returning the company to profitability at a faster rate while ultimately enhancing shareholder value," Rownd said.