Exhibit 99.1

          Greene County Bancshares Completes Acquisition of Independent
                             Bankshares Corporation

    GREENEVILLE, Tenn.--(BUSINESS WIRE)--Nov. 21, 2003--Greene County
Bancshares, Inc. (the "Company") (NASDAQ:GCBS) today completed its
acquisition of Gallatin, Tennessee-based Independent Bankshares
Corporation ("IBC"). IBC was the bank holding company for First
Independent Bank, which has four offices in Gallatin and
Hendersonville, Tennessee, and Rutherford Bank and Trust, with three
offices in Murfreesboro and Smyrna, Tennessee. First Independent Bank
and Rutherford Bank and Trust today were subsequently merged with the
Company's wholly-owned subsidiary, Greene County Bank, with Greene
County Bank as the surviving entity.
    The acquisition of IBC, which creates a $1.1 billion bank holding
company for the Company, is valued at approximately $30.1 million.
Consideration in the transaction includes the issuance of 836,310
shares of the Company's common stock and payment of approximately
$9.06 million in cash in exchange for all outstanding IBC common
stock. The Company now has approximately 7.7 million common shares
outstanding.
    Commenting on the announcement, Stan Puckett, Chairman and Chief
Executive Officer of the Company, said, "The completion of this merger
with IBC marks another significant milestone in the growth of our
Company. Obviously, we think the merger will benefit our shareholders,
as we continue to strengthen our banking network and extend our market
reach to attractive Middle Tennessee markets. Moreover, it nicely
complements our other expansion activities in existing markets, such
as Knoxville and Knox County. We believe this merger will benefit our
customers as well, including those we now welcome in Gallatin,
Hendersonville, Murfreesboro and Smyrna. We know that IBC is rightly
proud of its reputation for service and prizes its loyal customers,
and we intend to preserve that legacy and build on a strong Middle
Tennessee foundation going forward."
    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
$1.1 billion, 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 37 branches
throughout East and Middle 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
Blount County and Knox County, Tennessee as American Fidelity Bank; in
Sumner County, Tennessee as First Independent Bank; in Rutherford
County, Tennessee as Rutherford Bank and Trust; in Sullivan County,
Tennessee as Sullivan County Bank and First Bristol Bank; in Hamblen
County, Tennessee as Hamblen County 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