Green Bankshares, Inc. Merger Litigation (Nasdaq: GRNB)

Law Office of Brodsky & Smith, LLC Announces Investigation of Green Bankshares, Inc. 
 
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Green Bankshares, Inc. (“Green Bankshares” or the “Company”) (Nasdaq - GRNB- News) relating to the proposed acquisition of a 90.1% stake in Green Bankshares by North American Financial Holdings, Inc. (“North American”).  
 
Under the terms of the transaction North American will acquire 90.1% stake in Green Bankshares, which will be composed of approximately 120 million newly issued shares of Green Bankshares’ common stock at $1.81 per share. Upon consummation of the investment, Green Bankshares’ current shareholders will receive a Contingent Value Right, entitling them to receive cash proceeds of up to $0.75 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Green Bankshares by not acting in the Company’s shareholders' best interests in connection with the sale process to Green Bankshares. The transaction may undervalue Green Bankshares as Green Bankshares stock traded at $2.23 on May 3, 2011 and $3.74 on January 25, 2011.  
 
If you own shares of Green Bankshares stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com, or by calling toll free 877-LEGAL-90. 

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