Investment prevents loss at Green Bankshares

Investment prevents loss at Green Bankshares

November 15th, 2011 in Business Around the Region

Green Bankshares Inc., the parent company of one of East Tennessee's biggest banks, lost another $9.8 million this summer prior to the investment in the Greeneville, Tenn.-based bank by North American Financial Holdings.

But with the $217 million injection of capital from North American on Sept. 7, Green Bank restored its profits in the rest of the third quarter, earning $930,000 in the last three weeks of September.

North American now holds more than a third of the former Green Bank, which now operates as a part of Capital Bank NA.