North American Financial Holdings to Acquire 90.1% of Green Bankshares for $217M

North American Financial Holdings, Inc., announced today that it has signed a definitive investment agreement to acquire a 90.1% stake in Green Bankshares, Inc. GRNB for $217 million. The Greeneville, Tennessee-based holding company is the parent of GreenBank, a 65-bank branch network with $2.4 billion in assets headquartered in Greeneville, Tennessee, with operations in Nashville, Knoxville and other Tennessee markets. The NAFH investment will be composed of approximately 120 million newly issued shares of Green Bankshares' common stock at a price of $1.81 per share. In addition, and upon consummation of the investment, Green Bankshares' current shareholders will receive a Contingent Value Right, entitling them to cash proceeds of up to $0.75 per share, based on the credit performance of GreenBank's legacy loan portfolio over the five years following closing.