1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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 11, 1995
----------------------
GREENE COUNTY BANCSHARES, INC.
--------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
TENNESSEE
--------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
0-14289 62-1222567
--------------------------------- ------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
MAIN AND DEPOT STREETS, GREENEVILLE, TENNESSEE 37743
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
615/639-5111
--------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
--------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) On September 11, 1995, Greene County Bancshares, Inc.
("Company") entered into a Stock Purchase Agreement with
William C. Adams, Sr., Ann S. Adams and William C. Adams, Jr.,
(collectively the "Sellers"), the sole shareholders of Premier
Bancshares, Inc. ("PBI"), the one bank holding company for
Premier Bank of East Tennessee, Niota, Tennessee. The
Agreement provides for the Company's acquisition from the
Sellers of 100% of the outstanding shares of PBI for a
purchase price of $3,140,000. The purchase price shall be
paid by (i) cash of $8,582 at closing, (ii) cash of $700,000
payable at closing or on January 15, 1996, whichever is later,
and (iii) the Company's promissory notes to the Sellers in the
aggregate principal amounts of $2,431,418.
The purchase price is a result of arms-length negotiations
between the Company and the Sellers, with the final purchase
price being approved by the Board of Directors of the Company
based on its knowledge of the financial institutions industry
and comparable prices being paid for financial institutions
similar to PBI. The source of funds for payment of the
purchase price will be cash on hand of the Company.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is furnished in accordance with the
provisions of Item 601 of Regulation S-K:
Exhibit 99 - Stock Purchase Agreement by and between
Greene County Bancshares, Inc. and William C.
Adams, Sr.; Ann S. Adams; and William C.
Adams, Jr., dated September 11, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GREENE COUNTY BANCSHARES, INC.
Date: September 22, 1995 By: /s/ Stan Puckett
--------------------------
Stan Puckett, President