GreenBank’s good on capital
Posted on November 10, 2009 at 11:14 amThe board of Green Bankshares has decided not to take up investor Scott Niswonger’s offer to put $40 million into the company.
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Former local E&Y partner named to GreenBank board
Posted on October 28, 2009 at 2:03 pmBill Mooningham, who retired as partner in the Nashville office of Ernst & Young two years ago, has been elected to the board of Green Bankshares, the parent of Middle Tennessee’s 10th-largest bank by deposits.
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Pinnacle stages a raid in Franklin
Posted on at 9:27 amPinnacle Financial Partners has recruited three bankers — all with at least 19 years in the industry — from GreenBank to work at one of its Franklin offices. The details:
Long-time resident and Williamson County banker Steve King joins Pinnacle as a senior vice president and financial advisor. Paula Sanders will serve as the Alexander Plaza office manager. Amy Jones, who has worked side-by-side with King for the past 10 years, serves as a financial advisor assistant.
“Steve and Paula have worked together for more than 15 years. Along with Amy, they are tremendous additions to our team at Pinnacle,” said Larry Whisenant, senior vice president and manager of Pinnacle’s Nashville client services group. “Their outstanding reputations in the financial services community demonstrate our success in continuing to attract the most knowledgeable professionals in the market.”
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A tale of two trends for GreenBank
Posted on October 26, 2009 at 10:40 amThe parent company of the Nashville MSA’s No. 10 deposit holder lost $7.7 million in the third quarter but saw a few key credit-quality indicators improve slightly. That has its shares (Ticker: GRNB) up about 10 percent this morning.
In Middle Tennessee (which included areas outside the Nashville area), the bank continued to shrink its loan portfolio – which is now down 9 percent this year – but saw deposits rise by almost $120 million during the quarter.
UPDATE: Howe Barnes analyst Mark Muth says that, despite the drop in nonperforming assets, “it’s too early to declare victory given the depths of GRNB’s credit issues… At some point, deep value investors may be inclined to build positions in the shares, though we believe it is still early for that call.”
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Fair question
Posted on October 16, 2009 at 2:18 pmWhen a regional bank that lost $151 million in the second quarter and whose CEO is stepping down says it will release its Q3 report late on a Friday, it’s worth following up. Here’s the answer Josh Flory got.
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GreenBank boss to step down
Posted on September 2, 2009 at 9:26 am
Stan Puckett, who led Green Bankshares through more than two decades of growth, will retire from his post as CEO of what is now the third-largest bank headquartered in Tennessee. The company says it will hire a search firm to find a replacement before the 53-year-old Puckett puts in his last day.
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More REO woe for GreenBank
Posted on August 20, 2009 at 6:33 amGreen Bankshares has acquired a 675-home high-end development near Chattanooga in a forelcosure sale. GreenBank, which has struggled mightily with bad loans this year, had financed the project.
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GreenBank goes deeper into the red
Posted on July 22, 2009 at 10:40 amThe holding company for GreenBank, which does almost half of its business in Middle Tennessee, late yesterday posted a whopping $151 million second-quarter loss, most of it due to a goodwill writedown. But the bank’s credit quality continued to worsen, with nonperforming assets rising to nearly 5 percent and loan loss provisions jumping to more than $24 million. Shares of Green (Ticker: GRNB) are down more than 10 percent, pushing its market cap under $50 million.
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America Service: Look for us in the Russell
Posted on June 22, 2009 at 11:54 pmExpect to see some unusual action in the shares of America Service Group in the coming days. The Brentwood-based provider of prison health care said Monday afternoon it expects to be added to the updated Russell 2000 and Russell Global indices later this week. The indices are used as benchmarks for many mutual funds and exchange-traded funds.
Joining the index should help America Service shares (Ticker: ASGR) recover some of the ground they lost Monday, when they dropped 11 percent. Year to date, the stock is up almost 30 percent.
SEE ALSO: Russell’s list of pending additions and deletions, which includes the parent companies of GreenBank and the Nashville Superspeedway.
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GreenBank parent spikes dividend, gets upgraded
Posted on June 2, 2009 at 11:33 pmThough not in that order: Howe Barnes analyst Jeff Davis upgraded the shares of Green Bankshares (Ticker: GRNB) to ‘neutral’ Tuesday morning after the stock’s recent pullback. But he noted that he expects the shares “to be under pressure for the balance of the year given the level of NPAs and losses that we are projecting.” Because of that, he added, the company would likely slash or spike its dividend to save capital.
A few hours later, the company said its dividend is toast for now.
“It is extremely important to maintain our strong capital levels and, after careful deliberation, the Board of Directors and management have concluded that the decision to suspend the cash dividend on our common stock is the prudent course of action.”
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Analyst action: Cracker Barrel, regional banks
Posted on April 20, 2009 at 1:58 pmMKM Partners analyst Steve Anderson has lifted his rating for Cracker Barrel shares (Ticker: CBRL) to ‘buy’ from ‘neutral.’ He’s also raised his price target from $24 to a whopping $41, a good 25 percent above the stock’s level today, which is itself almost double its price of two months ago. Anderson last month said CBRL is set for a strong couple of quarters.
The recent run in regional bank stocks has analysts at Sterne Agee saying we should cool our jets a bit. They’ve downgraded shares of First Horizon (Ticker: FHN) and SunTrust (Ticker: STI) to ‘neutral’ from ‘buy.’ Still, their price targets of $14 and $20, respectively, are about 30 percent above the stocks’ current levels.
And staying in regional bank country, Wunderlich Securities has trimmed its price target for Green Bankshares (Ticker: GRNB) from $11 to $9.5.
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GreenBank pulls back some more
Posted on April 17, 2009 at 7:58 amThe Greeneville-based bank holding company (Ticker: GRNB) says its loan balances in Middle Tennessee – which accounts for about 40 percent of its business – shrank by almost 3 percent in the first quarter. Its two other regional divisions both grew their loan books during the quarter, but the local team headed by Larry Lovelace has trimmed its sails by more than $50 million.
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GreenBank parent: Bye bye bonuses
Posted on February 24, 2009 at 11:11 amFrom The Bank Draft, news of more belt-tightening at one of the state’s largest banks.
In addition, all five saw their incentive plan compensation eliminated for 2009. For Puckett (whose base salary is $325,000) that’s a loss of $134,048.
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Flying to GreenBank’s safety
Posted on January 22, 2009 at 10:58 pmAs the last part of the red-hued earnings report it pre-announced before New Year’s, the parent of GreenBank says its Middle Tennessee deposit base grew by almost $20 million last quarter.
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Bad loans bite GreenBank
Posted on December 30, 2008 at 9:18 pmGreen Bankshares, one of the state’s largest banking companies, says the housing market slump will add about $25 million to its bad-loan pool and help push it into the red for the quarter. The company (Ticker: GRNB) recently snagged $72 million in TARP money.
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