GCBS Greene County Bancshares (MM)

Greene County Bancshares, Inc. (NASDAQ: GCBS) today announced that its Board of Directors has declared a regular quarterly dividend of $0.12 per share, payable on December 15, 2006, to shareholders of record as of December�1,�2006. Additionally, the Board has declared a special year-end dividend of $0.16 per share, representing a 14.3% increase in the special dividend versus last year's rate of $0.14 per share. The record and payment dates for the special dividend coincide with those of the regular dividend. Separately, the Company also announced that its Board of Directors has extended the Company's current stock repurchase plan for an additional year. This plan, as amended, authorizes the repurchase of up to $5,000,000 of the Company's outstanding common stock, of which $538,000 was used in 2004 to acquire 25,700 shares. The unexpended authorization of $4,462,000 remains available for share purchases until December 31, 2007, or earlier if the authorized amount is reached. Currently, Greene County Bancshares has approximately 9.8 million shares outstanding. Share repurchases under the Company's program may be made from time to time in the open market depending on market conditions, although unsolicited negotiated transactions may occur. Accordingly, there is no guarantee as to the exact number of shares that may be repurchased. Greeneville, Tennessee-based Greene County Bancshares, Inc., with total assets of approximately $1.727 billion, is the holding company for Greene County Bank. Greene County Bank, founded in 1890, now has 48 branches throughout East and Middle Tennessee, one branch in Bristol, Virginia, one branch in western North Carolina, and a wealth management office in Lebanon, Tennessee. Greene County Bank does business in Washington County, Tennessee, as Washington County Bank; in Blount County and Knox County, Tennessee, as American Fidelity Bank; in Montgomery County, Tennessee, as Clarksville Community Bank; in Sumner County, Tennessee, as First Independent Bank; in Rutherford County, Tennessee, as Rutherford Bank and Trust; in Sullivan County, Tennessee, as Sullivan County Bank and First Bristol Bank; in Hamblen County, Tennessee, as Hamblen County Bank; in McMinn County, Tennessee, as Bank of Athens and Bank of Niota; in Hawkins County, Tennessee, as Hawkins County Bank and Bank of Bulls Gap; in Lawrence County, Tennessee, as Bank of Lawrence County; in Cocke County, Tennessee, as Cocke County Bank; in Loudon County, Tennessee, as Community Bank of Loudon County; in Monroe County, Tennessee, as Community Trust Bank; in the City of Bristol, Virginia, as First Bristol Bank; in Davidson County and Williamson County, Tennessee, as Middle Tennessee Bank & Trust; and in Wilson County, Tennessee, as GCB Wealth Management. In addition, Greene County Bank also conducts separate businesses through three wholly owned subsidiaries: Superior Financial Services, Inc., a consumer finance company; GCB Acceptance Corporation, a consumer finance company specializing in subprime automobile lending; and Fairway Title Co., a title insurance company. Greene County Bancshares, Inc. (NASDAQ: GCBS) today announced that its Board of Directors has declared a regular quarterly dividend of $0.12 per share, payable on December 15, 2006, to shareholders of record as of December 1, 2006. Additionally, the Board has declared a special year-end dividend of $0.16 per share, representing a 14.3% increase in the special dividend versus last year's rate of $0.14 per share. The record and payment dates for the special dividend coincide with those of the regular dividend. Separately, the Company also announced that its Board of Directors has extended the Company's current stock repurchase plan for an additional year. This plan, as amended, authorizes the repurchase of up to $5,000,000 of the Company's outstanding common stock, of which $538,000 was used in 2004 to acquire 25,700 shares. The unexpended authorization of $4,462,000 remains available for share purchases until December 31, 2007, or earlier if the authorized amount is reached. Currently, Greene County Bancshares has approximately 9.8 million shares outstanding. Share repurchases under the Company's program may be made from time to time in the open market depending on market conditions, although unsolicited negotiated transactions may occur. Accordingly, there is no guarantee as to the exact number of shares that may be repurchased. Greeneville, Tennessee-based Greene County Bancshares, Inc., with total assets of approximately $1.727 billion, is the holding company for Greene County Bank. Greene County Bank, founded in 1890, now has 48 branches throughout East and Middle Tennessee, one branch in Bristol, Virginia, one branch in western North Carolina, and a wealth management office in Lebanon, Tennessee. Greene County Bank does business in Washington County, Tennessee, as Washington County Bank; in Blount County and Knox County, Tennessee, as American Fidelity Bank; in Montgomery County, Tennessee, as Clarksville Community Bank; in Sumner County, Tennessee, as First Independent Bank; in Rutherford County, Tennessee, as Rutherford Bank and Trust; in Sullivan County, Tennessee, as Sullivan County Bank and First Bristol Bank; in Hamblen County, Tennessee, as Hamblen County Bank; in McMinn County, Tennessee, as Bank of Athens and Bank of Niota; in Hawkins County, Tennessee, as Hawkins County Bank and Bank of Bulls Gap; in Lawrence County, Tennessee, as Bank of Lawrence County; in Cocke County, Tennessee, as Cocke County Bank; in Loudon County, Tennessee, as Community Bank of Loudon County; in Monroe County, Tennessee, as Community Trust Bank; in the City of Bristol, Virginia, as First Bristol Bank; in Davidson County and Williamson County, Tennessee, as Middle Tennessee Bank & Trust; and in Wilson County, Tennessee, as GCB Wealth Management. In addition, Greene County Bank also conducts separate businesses through three wholly owned subsidiaries: Superior Financial Services, Inc., a consumer finance company; GCB Acceptance Corporation, a consumer finance company specializing in subprime automobile lending; and Fairway Title Co., a title insurance company.