Green Bankshares (GRNB) 8-K Green Bankshares Announces Financial Results for the Third Quarter of 2011

Exhibit 99.1

Green Bankshares Announces Financial Results for the Third Quarter of 2011

GREENEVILLE, Tenn.--(BUSINESS WIRE)--November 14, 2011--Green Bankshares, Inc. (NASDAQ:GRNB), a majority-owned subsidiary of North American Financial Holdings, Inc. ("NAFH"), today reported unaudited financial results for the third quarter of 2011. Operating and financial highlights include the following:

• On September 7, 2011, NAFH completed its $217 million investment (the “NAFH Investment”) in Green Bankshares, Inc. ("the Company");
• Effectively immediately after completion of the investment, GreenBank, formerly the wholly owned banking subsidiary of the Company, was merged with and into Capital Bank, National Association ("Capital Bank, NA");
• As a result of these mergers, the Company held a 34% ownership in Capital Bank, NA as of September 30, 2011;
• The Company reported a net loss available to common shareholders of $9.8 million and $33.7 million, or $0.75 and $2.57 per diluted share, for the periods prior to the NAFH Investment from July 1, 2011 through September 7, 2011, and January 1, 2011 through September 7, 2011, respectively; and
• The Company reported net income of $930 thousand, or $.01 per diluted share, for the period subsequent to the NAFH Investment from September 8, 2011 through September 30, 2011.

NAFH is a bank holding company formed with the goal of creating a regional banking franchise in the southeastern region of the United States through organic growth and acquisition of other banks, including failed, underperforming and undercapitalized banks. NAFH is the controlling owner of Capital Bank, NA, a $6.6 billion bank with 146 branches in Florida, North Carolina, South Carolina, Tennessee and Virginia.

NAFH Investment

On September 7, 2011, the Company completed the issuance and sale of 119.9 million shares of its common stock to NAFH for approximately $217 million in consideration. The consideration included $147.6 million of cash and NAFH's contribution of the Company's Series A Preferred Stock and warrant to purchase shares of common stock issued to the U.S. Treasury through the TARP, which were repurchased by NAFH.

Financial results for the first nine months of 2011 were significantly impacted by the controlling investment in the Company by NAFH. The Company applied push-down accounting. Accordingly, the Company's assets and liabilities were adjusted to estimated fair values at the NAFH Investment date, resulting in elimination of the allowance for loan losses. The Company is still in the process of completing its fair value analysis of assets and liabilities, and final fair value adjustments may differ from the preliminary estimates recorded to date. Balances and activity in the Company's consolidated financial statements prior to the NAFH Investment have been labeled with "Predecessor Company" while balances and activity subsequent to the NAFH Investment have been labeled with "Successor Company."

Bank Merger

On September 7, 2011, GreenBank, which was formerly a wholly owned subsidiary of the Company, merged (the "Bank Merger") with and into Capital Bank, NA, a national banking association and subsidiary of TIB Financial Corp. ("TIB Financial"), a corporation organized under the laws of the State of Florida, Capital Bank Corporation, a corporation organized under the laws of the state of North Carolina ("Capital Bank Corp.") and NAFH, with Capital Bank, NA as the surviving entity. NAFH is the owner of approximately 90% of the Company’s common stock, approximately 83% of Capital Bank Corp.’s common stock and approximately 94% of TIB Financial’s common stock.

Capital Bank, NA (formerly NAFH National Bank) was formed on July 16, 2010, in connection with the purchase and assumption of assets and deposits of three banks – Metro Bank of Dade County (Miami, Florida), Turnberry Bank (Aventura, Florida) and First National Bank of the South (Spartanburg, South Carolina) – from the Federal Deposit Insurance Corporation (the "FDIC") and is a party to loss sharing agreements with the FDIC covering the large majority of the loans it acquired from the FDIC. As of September 30, 2011, Capital Bank, NA had total assets of $6.6 billion, total deposits of $5.3 billion and shareholders' equity of $931.1 million. As of September 30, 2011, following the Bank Merger, Capital Bank, NA operated 146 branches in Tennessee, Florida, North Carolina, South Carolina, and Virginia.

The Bank Merger occurred pursuant to the terms of an Agreement and Plan of Merger entered into by and between the Bank and Capital Bank, NA, dated as of September 7, 2011 (the "Merger Agreement"). In the Merger, each share of Bank common stock was converted into the right to receive shares of Capital Bank, NA common stock. As a result of the Merger, the Company now owns approximately 34% of Capital Bank, NA, with NAFH owning 19%, Capital Bank Corp. owning 26% and TIB Financial owning the remaining 21%.

Due to its ownership level and significant influence, the Company's investment in Capital Bank, NA is recorded as an equity-method investment in that entity. As of September 30, 2011, the Company's investment in Capital Bank, NA totaled $312.4 million, which reflected the Company's pro rata ownership of Capital Bank, NA's total shareholders' equity as a result of the Bank Merger. In periods subsequent to the Bank Merger, the Company will adjust this equity investment balance based on its equity in Capital Bank, NA's net income and comprehensive income. In connection with the Bank Merger, assets and liabilities of GreenBank were deconsolidated from the Company's balance sheet, resulting in a significant decrease in total assets and total liabilities of the Company in the third quarter of 2011.

Financial Discussion

The Company reported a net loss available to common shareholders for the period from July 1, 2011 through September 7, 2011, of $9.8 million compared to a net loss of $12.4 million for the second quarter of 2011 and a net loss of $36.4 million for the third quarter of 2010. For the period from September 8, 2011 through September 30, 2011, the Company reported net income of $930 thousand. Financial results prior to the September 7^th NAFH Investment have been labeled with "Predecessor Company" while results subsequent to the NAFH Investment have been labeled with "Successor Company."

Due to the difference in lengths of reporting periods and the Merger discussed above and the resulting deconsolidation of GreenBank on September 7, 2011, the operating results for the period from July 1, 2011 through September 7, 2011, only include the results of GreenBank for approximately two months and therefore are generally not comparable to the operations in prior quarters.

The loss reported in the period from July 1, 2011 through September 7, 2011, was primarily due to a $15.5 million provision for loan losses and $14.7 million in foreclosed asset related expenses. The loss reported in the second quarter of 2011 was primarily due to a $14.3 million provision for loan losses and $6.3 million in foreclosed asset related expenses, while the loss reported in the third quarter of 2010 was primarily due to a $36.8 million provision for loan losses and $7.8 million in foreclosed asset related expenses.

The net interest margin for the period from July 1, 2011 through September 7, 2011, was 3.91%, up a modest 0.01% versus the second quarter of 2011. Subsequent to the deconsolidation of GreenBank on September 7, 2011, the net interest margin is not meaningful as the Company has no interest earning asset. As the Company accounts for its investment in Capital Bank, NA using the equity method, the Company's proportional share of the net after tax earnings of Capital Bank, NA is recorded as Equity in income of Capital Bank, NA, which for the period from September 8, 2011 through September 30, 2011, was $1.1 million.

About Green Bankshares

Headquartered in Greeneville, Tennessee, Green Bankshares, Inc. is a financial services company with a 34% equity method investment in Capital Bank, NA, a national banking association with approximately $6.6 billion in total assets and 146 branches serving communities in Tennessee, Florida, North Carolina, South Carolina, and Virginia.

GREEN BANKSHARES INC. Unaudited Consolidated Statements of Operations
(Dollars in thousands except per share data)	Successor Company			Predecessor Company
				July 1 - Sept. 7, 2011			Three Months Ended
	Sept. 8 - Sept. 30, 2011						June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30 2010
Operating Data:
Total interest income	$	–		$	18,480		$	26,075		$	26,625		$	28,213		$	29,455
Total interest expense		236			4,422			6,623			7,358			8,499			8,708
Net interest income		(236	)		14,058			19,452			19,267			19,714			20,747
Provision for loan losses		–			15,513			14,333			13,897			25,646			36,823
Net interest income (loss) after provision for loan losses		(236	)		(1,455	)		5,119			5,370			(5,932	)		(16,076	)
Non-interest income		1,138			11,940			8,236			7,627			7,058			9,029
Non-interest expense		95			29,585			24,770			23,027			41,986			27,009
Income (loss) before income taxes		807			(19,100	)		(11,415	)		(10,030	)		(40,860	)		(34,056	)
Income tax expense (benefit)		(123	)		974			(281	)		281			10,688			1,098
Net income (loss)		930			(20,074	)		(11,134	)		(10,311	)		(51,548	)		(35,154	)
Preferred stock dividend and accretion of discount on warrants		–			909			1,250			1,250			1,250			1,251
Gain on retirement of Series A preferred allocated to common shareholders		–			11,188			–			–			–			–
Net income (loss) available to common shareholders	$	930		$	(9,795	)	$	(12,384	)	$	(11,561	)	$	(52,798	)	$	(36,405	)
Per Share of Common Stock:
Basic earnings (loss)	$	0.01		$	(0.75	)	$	(0.94	)	$	(0.88	)	$	(4.03	)	$	(2.78	)
Diluted earnings (loss)	$	0.01		$	(0.75	)	$	(0.94	)	$	(0.88	)	$	(4.03	)	$	(2.78	)
Dividends	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
Weighted Average Shares Outstanding:
Basic		133,083,705			13,145,744			13,126,923			13,108,598			13,097,611			13,097,611
Diluted		133,174,370			13,145,744			13,126,923			13,108,598			13,097,611			13,097,611

GREEN BANKSHARES INC. End of Period Balances
	Successor Company		Predecessor Company
(Dollars in thousands except per share data)	Sept. 30, 2011			June 30, 2011		March 31, 2011		Dec. 31, 2010		Sept 30, 2010
Assets	$	318,733		$	2,293,815	$	2,392,694	$	2,406,040	$	2,415,014
Loans, net of unearned interest		–			1,560,503		1,680,249		1,745,378		1,835,591
Cash and investments		2,347			574,555		570,997		509,415		384,698
Federal funds sold		–			5,023		7,931		4,856		3,682
Deposits		–			1,883,388		1,975,635		1,976,854		1,916,544
FHLB advances and notes payable		–			157,859		158,588		158,653		170,884
Subordinated debentures		43,637			88,662		88,662		88,662		88,662
Repurchase agreements		–			18,713		18,712		19,413		22,641
Shareholders' equity		258,617			122,046		132,830		143,897		197,824
Common shareholders' equity(1)		258,617			53,231		64,362		75,776		130,049
Tangible common shareholders' equity(2)		258,617			47,729		58,237		69,025		122,651
Tangible shareholders' equity(3)		258,617			116,544		126,705		137,146		190,426
Ratios:
Common book value per share(1)	$	1.94		$	4.02	$	4.88	$	5.75	$	9.86
Tangible common book value per share(2)	$	1.94		$	3.60	$	4.41	$	5.23	$	9.30
* Derived from Audited Consolidated Financial Statements.
(1) Common shareholders' equity is shareholders' equity less preferred stock.
(2) Tangible common shareholders' equity is shareholders' equity less goodwill, intangible assets and preferred stock.
(3) Tangible shareholders' equity is shareholders' equity less goodwill and intangible assets.
(4) Tangible assets is total assets less goodwill and intangible assets.

GREEN BANKSHARES INC. Consolidated Balance Sheets
	(Unaudited)
(Dollars in thousands except per share data)	Successor Company			Predecessor Company
	Sept. 30, 2011			Dec. 31, 2010
ASSETS
Cash and due from banks	$	2,347		$	289,358
Federal funds sold		–			4,856
Cash and cash equivalents		2,347			294,214
Interest earning deposits in other banks		–			–
Securities available-for-sale ("AFS")		–			202,002
Securities held-to-maturity (with a December 31, 2010 market value of $467)		–			465
FHLB and other stock, at cost		–			12,734
Loans held for sale		–			1,299
Loans, net of unearned income		–			1,745,378
Allowance for loan losses		–			(66,830	)
Other real estate owned and repossessed assets		–			60,095
Bank premises and equipment, net		–			78,794
Cash surrender value of life insurance		–			31,479
Core deposit and other intangibles		–			6,751
Deferred Tax Asset ( December 31, 2010 net of valuation allowance of $43,455)		–			2,177
Investment in Capital Bank, NA		312,432
Other assets		3,954			37,482
Total assets	$	318,733		$	2,406,040
LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	–		$	152,752
Interest-bearing deposits		–			1,822,703
Brokered deposits		–			1,399
Total deposits		–			1,976,854
Repurchase agreements		–			19,413
FHLB advances and notes payable		–			158,653
Subordinated debentures		43,637			88,662
Deferred tax liability		16,073			–
Accrued interest payable and other liabilities		406			18,561
Total liabilities		60,116			2,262,143
SHAREHOLDERS' EQUITY:
Preferred stock: no par value, 1,000,000 shares authorized; 0 and 72,278 shares outstanding
		–			68,121
Common stock: $0.01 and $2 par value, 300,000,000 and 20,000,000 shares authorized; 133,174,370 and 13,188,896 shares outstanding
		1,332			26,378
Common stock warrants		–			6,934
Additional paid in capital		257,711			188,901
Accumulated earnings (deficit)		930			(147,436	)
Accumulated other comprehensive income		(1,356	)		999
Total shareholders' equity		258,617			143,897
Total liabilities & shareholders' equity	$	318,733		$	2,406,040

GREEN BANKSHARES INC. Consolidated Statements of Operations
(Dollars in thousands except share and per share data)	Successor Company			Predecessor Company
	Sept. 8 - Sept. 30, 2011			July 1 - Sept. 7, 2011			Three Months Ended Sept. 30, 2010			Jan. 1 - Sept. 7, 2011			Nine Months Ended Sept. 30, 2010
Interest income:
Interest and fees on loans	$	–		$	16,854		$	27,744		$	65,258		$	87,178
Taxable securities		–			1,202			1,181			4,290			3,860
Nontaxable securities		–			204			304			790			922
FHLB and other stock		–			102			136			374			408
Federal funds sold and other		–			118			90			468			283
Total interest income		–			18,480			29,455			71,180			92,651
Interest expense:
Deposits		–			2,873			6,444			12,764			22,131
Federal funds purchased and repurchase agreements		–			3			6			11			17
FHLB advances and notes payable		–			1,200			1,726			4,314			5,132
Subordinated debentures		236			346			532			1,315			1,492
Total interest expense		236			4,422			8,708			18,404			28,772
Net interest income (expense)		(236	)		14,058			20,747			52,776			63,879
Provision for loan losses		–			15,513			36,823			43,742			45,461
Net interest income (loss) after provision for loan losses		(236	)		(1,455	)		(16,076	)		9,034			18,418
Non-interest income:
Service charges on deposit accounts		–			4,137			6,651			16,346			19,283
Other charges and fees		–			348			417			1,147			1,156
Trust and investment services income		–			446			1,021			1,457			2,360
Mortgage banking income		–			72			212			271			453
Other income		1,138			6,937			728			8,582			2,234
Total non-interest income		1,138			11,940			9,029			27,803			25,486
Non-interest expense:
Employee compensation		–			6,105			8,266			21,560			23,903
Employee benefits		–			602			816			2,458			2,609
Occupancy expense		–			1,803			1,792			5,308			5,175
Equipment expense		–			661			742			2,176			2,118
Computer hardware/software expense		–			653			916			2,508			2,626
Professional services		61			1,189			741			3,099			1,924
Advertising		–			448			657			1,533			2,061
OREO maintenance expense		–			627			712			2,976			1,711
Collection and repossession expense		–			408			508			1,727			2,329
Loss on OREO and repossessed assets		–			13,672			6,538			20,101			7,973
FDIC insurance		–			260			1,099			2,629			3,159
Core deposit and other intangible amortization		–			467			646			1,716			1,937
Other expenses		34			2,690			3,576			9,591			11,304
Total non-interest expense		95			29,585			27,009			77,382			68,829
Income (loss) before income taxes		807			(19,100	)		(34,056	)		(40,545	)		(24,925	)
Income taxes provision (benefit)		(123	)		974			1,098			974			4,222
Net income (loss)		930			(20,074	)		(35,154	)		(41,519	)		(29,147	)
Preferred stock dividends and accretion of discount on warrants		–			909			1,251			3,409			3,751
Gain on retirement of Series A preferred allocated to common shareholders		–			11,188			–			11,188			–
Net income (loss) available to common shareholders	$	930		$	(9,795	)	$	(36,405	)	$	(33,740	)	$	(32,898	)
Per share of common stock:
Basic earnings (loss)	$	0.01		$	(0.75	)	$	(2.78	)	$	(2.57	)	$	(2.51	)
Diluted earnings (loss)	$	0.01		$	(0.75	)	$	(2.78	)	$	(2.57	)	$	(2.51	)
Dividends	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
Weighted average shares outstanding:
Basic		133,083,705			13,145,744			13,097,611			13,125,521			13,092,579
Diluted		133,174,366			13,145,744			13,097,611			13,125,521			13,092,579
(1) Diluted weighted average shares outstanding for the period from July 1, 2011 to September 7, 2011, January 1, 2011 to September 7, 2011 and three and nine months ended September 30, 2010 excludes 119,150, 94,930, 93,791 and 93,082 unvested shares, respectively, because they are anti-dilutive.

GREEN BANKSHARES INC. Average Balances, Interest Earned or Paid, and Interest Yields / Rates
	Predecessor Company
	Period of July 1 to Sept. 7, 2011						Three Months Ended Sept. 30, 2010
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Interest-earning assets:
Loans(1)(2)	$	1,404,673	$	16,863	6.35	%	$	1,812,154	$	27,759	6.08	%
Investment securities(2)		253,733		1,618	3.37	%		179,586		1,785	3.94	%
Other short-term investments		260,137		118	0.24	%		138,599		90	0.26	%
Total interest-earning assets		1,918,543		18,599	5.13	%		2,130,339		29,634	5.52	%
Non-interest earning assets		319,598						333,199
Total assets	$	2,238,141					$	2,463,538
Interest-bearing liabilities:
Deposits:
Interest checking, money market and savings	$	1,044,383	$	822	0.42	%	$	992,222	$	2,522	1.01	%
Time deposits		615,145		2,051	1.76	%		765,960		3,922	2.03	%
Total interest bearing-deposits		1,659,528		2,873	0.92	%		1,758,182		6,444	1.45	%
Securities sold under repurchase and short-term borrowings		15,456		3	0.10	%		22,990		6	0.10	%
Notes payable		157,826		1,200	4.03	%		171,216		1,726	4.00	%
Subordinated debentures		88,662		346	2.06	%		88,662		532	2.38	%
Total interest-bearing liabilities		1,921,472		4,422	1.22	%		2,041,050		8,708	1.69	%
Non-interest bearing liabilities:
Demand Deposits		173,999						171,237
Other Liabilities		22,652						19,161
Total non-interest bearing liabilities		196,651						190,398
Total liabilities		2,118,123						2,231,448
Shareholders' equity		120,018						232,090
Total liabilities & shareholders' equity	$	2,238,141					$	2,463,538
Net interest income			$	14,177					$	20,926
Interest rate spread					3.91	%					3.83	%
Net yield on interest-earning assets (net interest margin)					3.91	%					3.90	%
(1) Average loan balances exclude nonaccrual loans for the periods presented.
(2) Fully Taxable Equivalent ("FTE") at the rate of 35%. The FTE basis adjusts for the tax benefits of income on certain tax-exempt loans and investments using the federal statutory rate of 35% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

GREEN BANKSHARES INC. Average Balances, Interest Earned or Paid, and Interest Yields / Rates
	Predecessor Company
	Period of Jan. 1 to Sept. 7, 2011						Nine Months Ended Sept. 30, 2010
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Interest-earning assets:
Loans(1)(2)	$	1,491,844	$	65,293	6.39	%	$	1,886,937	$	87,230	6.18	%
Investment securities(2)		243,473		5,879	3.53	%		180,894		5,686	4.20	%
Other short-term investments		278,355		468	0.25	%		148,365		283	0.26	%
Total interest-earning assets		2,013,672		71,640	5.19	%		2,216,196		93,199	5.62	%
Non-interest earning assets		331,633						315,147
Total assets	$	2,345,305					$	2,531,343
Interest-bearing liabilities:
Deposits:
Interest checking, money market and savings	$	1,066,783	$	4,062	0.56	%	$	968,322	$	7,407	1.02	%
Time deposits		696,335		8,702	1.82	%		862,823		14,724	2.28	%
Total interest bearing-deposits		1,763,118		12,764	1.06	%		1,831,145		22,131	1.62	%
Securities sold under repurchase and short-term borrowings		16,466		11	0.10	%		22,847		17	0.10	%
Notes payable		158,351		4,314	3.98	%		171,673		5,132	4.00	%
Subordinated debentures		88,662		1,315	2.17	%		88,662		1,492	2.25	%
Total interest-bearing liabilities		2,026,597		18,404	1.33	%		2,114,327		28,772	1.82	%
Non-interest bearing liabilities:
Demand Deposits		166,768						166,685
Other Liabilities		19,575						18,243
Total non-interest bearing liabilities		186,343						184,928
Total liabilities		2,212,940						2,299,255
Shareholders' equity		132,365						232,088
Total liabilities & shareholders' equity	$	2,345,305					$	2,531,343
Net interest income			$	53,236					$	64,427
Interest rate spread					3.87	%					3.80	%
Net yield on interest-earning assets (net interest margin)					3.86	%					3.89	%
(1) Average loan balances exclude nonaccrual loans for the periods presented.
(2) Fully Taxable Equivalent ("FTE") at the rate of 35%. The FTE basis adjusts for the tax benefits of income on certain tax-exempt loans and investments using the federal statutory rate of 35% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

CONTACT:
Green Bankshares, Inc.
Christopher G. Marshall, Chief Financial Officer, 704-554-5901
cmarshall@nafhinc.com