North American Financial Holdings Completes $217M Investment in Green Bankshares

North American Financial Holdings and Green Bankshares GRNB announced today the closing of the previously announced investment in the Company by NAFH of approximately $217 million through the purchase of the Company's common stock. In addition, the Company's shareholders as of the close of business on September 6, 2011, received contingent value rights that entitle such shareholders to receive up to $0.75 in cash per CVR at the end of a five-year period based on the credit performance of GreenBank's loan portfolio as of May 5, 2011. As a result of the consummation of the investment, NAFH owns approximately 90% of the Company's common stock. "We are pleased to be completing this investment and to begin what we believe will be a great partnership with the GreenBank franchise," said Gene Taylor, NAFH Chairman and Chief Executive Officer. "We believe that GreenBank has a long history of providing value to its customers and we want to continue this tradition alongside our other operations in the Southeast." Steve Rownd, former Chairman and Chief Executive Officer of GreenBank and now Tennessee Market President for Capital Bank, said, "We are excited to become a part of the NAFH family. The significant investment by NAFH will allow GreenBank to build on its tradition of service to our customers, while providing new opportunities for our team members." In connection with the closing of NAFH's investment, GreenBank was merged with NAFH's banking subsidiary, Capital Bank, National Association. In addition, Mr. Taylor was appointed Chairman of the Board, President and Chief Executive Officer of the Company, Mr. Christopher G. Marshall was appointed Executive Vice President and Chief Financial Officer of the Company, Mr. R. Bruce Singletary was appointed Executive Vice President and Chief Risk Officer of the Company. In addition, Mr. Taylor, Mr. Marshall, Mr. Singletary, Mr. Peter N. Foss and Mr. William A. Hodges were appointed to the Board of Directors of the Company. Ms. Martha M. Bachman and Dr. Samuel E. Lynch will remain on the Board of Directors of the Company and have been appointed to the Board of Directors of Capital Bank. The other existing directors of the Company resigned their positions as directors effective upon the closing of NAFH's investment in the Company. In connection with the closing of the investment, NAFH today completed the purchase of all 72,278 shares of preferred stock issued to the United States Department of the Treasury under the TARP Capital Purchase Program and the related warrant to purchase shares of the Company's common stock for total cash consideration of approximately $68.7 million.