September 30, 2002

CONTACT: William F. Richmond, S.V.P. & C.F.O.
423-787-1211

                                                           FOR IMMEDIATE RELEASE

      GREENE COUNTY BANCSHARES SET TO MOVE THE LISTING OF ITS COMMON STOCK
                          TO THE NASDAQ NATIONAL MARKET

GREENEVILLE,  Tenn. (September 30, 2002) - Greene County Bancshares,  Inc. (Pink
Sheets:  GRCB) today  announced that its common shares will begin trading on the
Nasdaq National Market at the opening of trading tomorrow,  Tuesday,  October 1,
2002. The Company's new Nasdaq stock ticker will be GCBS.

     "We are  pleased to announce  the  Company's  listing on Nasdaq's  National
Market,  especially  considering the enhanced trading  environment it offers our
shareholders," said Stan Puckett, Greene County Bancshares Chairman and CEO. "We
believe this listing will increase the visibility of Greene County Bancshares in
the marketplace,  enhance our  availability to capital,  and improve the trading
qualities that are conducive to a more efficient market for our shares. The move
to the Nasdaq National  Market,  with its improved  trading  environment for our
shares,  also  supports  our growth  strategy  by making our common  shares more
attractive for possible use in the acquisition of other financial institutions."

     The move to the Nasdaq  National Market will not affect the Company's stock
certificates,  which remain  unchanged and need not be exchanged.  Greene County
Bancshares  has  approximately   6.8  million  common  shares   outstanding  and
approximately 1,900 shareholders of record.

     Greene County  Bancshares,  Inc., with total assets of  approximately  $829
million,  is  the  holding  company  for  Greene  County  Bank  in  Greeneville,
Tennessee.  Greene County Bank is the largest  community  bank in East Tennessee
and now has 29  branches  throughout  East  Tennessee  and one branch in Western
North Carolina. Greene County Bank does business in Washington County, Tennessee
as Washington County Bank; in Sullivan County, Tennessee as Sullivan County Bank
and First Bristol Bank; in Hamblen County,  Tennessee as Hamblen County Bank; in
Blount County,  Tennessee as American Fidelity 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 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; and in Wilson County,  Tennessee as
President's  Trust.  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 company.

     This news release may contain  forward-looking  statements regarding Greene
County  Bancshares,   Inc.  All  forward-looking  statements  involve  risk  and
uncertainty  and actual  results could differ  materially  from the  anticipated
results or other expectations  expressed in the  forward-looking  statements.  A
discussion of factors that could cause actual results to differ  materially from
those  expressed  in the  forward-looking  statements  is included in the Greene
County Bancshares, Inc. filings with the Securities and Exchange Commission.

                                      -END-