Greene County Bancshares, Inc. Extends Stock Repurchase Plan

    GREENEVILLE, Tenn.--(BUSINESS WIRE)--Sept. 17, 2003--Greene County
Bancshares, Inc. (NASDAQ/NM:GCBS) today announced that its Board of Directors,
at its meeting on September 16, 2003, extended for an additional 12-month period
the authorization for the repurchase of up to $2,000,000 of the Company's
outstanding common stock. This repurchase program will depend on market
conditions and, accordingly, there is no guarantee as to the exact number of
shares to be repurchased by the Company. Share repurchases generally would be
effected through open-market purchases, although unsolicited negotiated
transactions may occur. Currently Greene County Bancshares has approximately 6.9
million shares outstanding.
    The Board's previous repurchase authorization expires in October. The new
plan will be in effect October 1, 2003, for the earlier of twelve months or
until the total is repurchased.
    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.
    Greene County Bancshares, Inc., with total assets of approximately $909
million, is the holding company for Greene County Bank headquartered in
Greeneville, Tennessee. Greene County Bank is the largest community bank in East
Tennessee and now has 29 branches throughout East Tennessee, one branch in
Western North Carolina, a trust services office in Lebanon, Tennessee, and one
loan production office in Bristol, Virginia. 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; in Wilson County, Tennessee as President's Trust, and in the City of
Bristol, Virginia as First Bristol Loans. 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.

    CONTACT: Greene County Bancshares, Inc., Greeneville
             William F. Richmond, 423-787-1211