Green Bankshares shareholder suggests cash infusion up to $40 million

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Scott M. Niswonger asked the board of directors of Green Bankshares, Inc. to consider an injection of additional capital, from $25 million to $40 million, in a letter to the company on Monday.

The letter was included in a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission.

Niswonger said he would like to help the company by "identifying and participating in" the cash infusion, the letter said.

He also asked the company to waive the limitation that prevents Niswonger from owning more than 10% of Green Bankshares' outstanding shares.

Niswonger's proposal is subject to due diligence and the execution of definitive agreements, according to the letter.

The investor beneficially owns 1,309,330 shares, or 9.94%, of the Greeneville, Tenn., bank holding company.

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