SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 20, 2000
GREENE COUNTY BANCSHARES, INC.
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(Exact name of Registrant as specified in its charter)
Tennessee 0-14289 62-1222567
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
100 North Main Street, Greeneville, Tennessee 37743-4992
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(Address of principal executive offices)
(423) 639-5111
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Registrant's telephone number, including area code
Not Applicable
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(Former Name or former address, if changed since last report)
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Item 5. Other Events.
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On September 20, 2000, the Registrant's wholly owned subsidiary, Greene
County Bank, a Tennessee state-chartered bank (the "Bank"), entered into a
Purchase and Assumption Agreement (the "Agreement") with Wachovia Bank, N.A., a
national banking association ("Wachovia") for the Bank's assumption of deposits
and purchase of certain assets of two branch offices of Wachovia located at
17510 Lee Highway, Abingdon, Virginia and 10 Bridge Street, Hot Springs, North
Carolina.
The Bank entered into this transaction as a means to gain entry into
Virginia and North Carolina and permit the Bank to expand throughout the
southwest Virginia and western North Carolina markets. Both regions are adjacent
to the Bank's current market area of east Tennessee, but the Bank may not branch
into Virginia and North Carolina except through such acquisitions.
Under the terms of the Agreement, the Bank will acquire the loans,
fixed assets, real property locations, cash, safe deposit arrangements and
records of each of the two branch offices. In return, the Bank will assume the
deposit liabilities of the two branches and will also pay Wachovia a deposit
premium equal to 1% of the outstanding deposits being acquired, a branch
acquisition fee equal to a total of $300,000, a loan purchase price equal to the
net asset value of the loans being acquired, the fixed assets at net book value,
the real property at fair market value and the cash on hand. The transaction is
expected to close in mid-February 2001.
The Bank does not plan to raise additional equity or to incur any debt
in connection with the proposed transaction.
Also on September 20, 2000, the Bank entered into a separate Purchase
and Assumption Agreement (the "Second Agreement") with Wachovia pursuant to
which Wachovia would assume the deposits and purchase certain assets of the
Bank's existing branch located in Farragut, Tennessee (the "Farragut Branch").
The terms of the Second Agreement are intended to be substantially identical to
that of the Agreement. It is a condition to the consummation of the Second
Agreement that the parties to the Agreement have commenced the consummation of
the transactions contemplated by that Agreement. However, it is not a condition
to the consummation of the Agreement that the Second Agreement be similarly
subject to consummation.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) - (b) Not applicable.
(c) The following exhibit is filed as part of this report.
Exhibit 99.1 Press release dated September 20, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf by the
undersigned hereunto duly authorized.
GREENE COUNTY BANCSHARES, INC.
Date: October 5, 2000 By: /s/ R. Stan Puckett
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R. Stan Puckett
President, Chief Executive Officer and
Director
(Duly Authorized Representative)
