Exhibit 99.1

Greene County Bancshares, Inc. Completes Trust Preferred Offering

    GREENEVILLE, Tenn.--(BUSINESS WIRE)--Sept. 25, 2003--Greene County
Bancshares, Inc. (NASDAQ/NM:GCBS) today announced that it has
completed a $10,000,000 trust preferred securities offering, as part
of a privately placed pool. The securities, due in 2033, bear interest
at a floating rate of 2.85% above the three-month LIBOR rate, reset
quarterly, and are callable in five years without penalty. The Company
expects the capital raised from the offering will qualify as Tier I
capital for regulatory purposes.
    Greene County Bancshares intends to use the proceeds of the
offering to support its pending merger with Independent Bankshares
Corporation. That transaction is expected to be completed in the
fourth quarter, subject to regulatory approval, the approval of IBC
shareholders, and other customary conditions.
    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the trust preferred securities. The
trust preferred securities have not been and will not be registered
under the Securities Act of 1933, as amended, or applicable state
securities laws and, unless so registered, may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act of 1933, as
amended, and applicable state securities laws.
    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