"This is a step to complement our corporate banking and dealer finance presence in Tennessee and allow us to provide more services for a growing list of customers in the Tennessee market," said D. Gary Thompson, Wachovia chief executive officer for Georgia and Florida banking. "Greene County Bank has a long tradition of serving its customers well, and we are pleased to enter into this agreement with such a well-respected organization."
The purchase will provide Wachovia the right to establish future branches in Tennessee. The sales are expected to be completed during the first quarter of 2001, subject to approval by regulatory authorities.
"This arrangement benefits Greene County Bank and Wachovia, allowing both organizations to pursue growth in new retail markets," said R. Stan Puckett, Greene County Bank president and chief executive officer. "Wachovia is a large organization that recognizes the importance of customer service, just like a community bank such as our own. We’re pleased to be working with Wachovia."
Greene County Bank employees in the Farragut office will become Wachovia employees, while Wachovia employees in the Hot Springs and Lee Highway offices will be employed by Greene County Bank following the completion of the transactions. Customers of the three branches will receive additional information from Wachovia and Greene County Bank on how their accounts will be served following the sales.
Greene County Bank is the largest community bank in Tennessee with $750 million in assets and 27 branch offices in 12 eastern Tennessee counties. Greene County Bank also operates five non-bank subsidiaries, including consumer finance, mortgage, title insurance, sub-prime indirect loan and trust companies.
Wachovia Bank, N.A. is the principal subsidiary of Wachovia Corporation, a leading financial holding company serving regional, national and international markets. At June 30, 2000, Wachovia had assets of $70.8 billion. Wachovia operates nearly 700 offices and 1,400 ATMs in Virginia, North Carolina, South Carolina, Georgia and Florida.
