Ryan & Maniskas, LLP Announces Investigation of Green Bankshares, Inc.

WAYNE, Pa.--(BUSINESS WIRE)--

Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/grnb) is investigating potential claims against the board of directors of Green Bankshares, Inc. (“Green Bankshares” or the “Company”) GRNB relating to the proposed acquisition of a 90.1% stake in Green Bankshares by North American Financial Holdings, Inc. (“North American”).

Under the terms of the transaction North American will acquire 90.1% stake in Green Bankshares, which will be composed of approximately 120 million newly issued shares of Green Bankshares' common stock at $1.81 per share. Upon consummation of the investment, Green Bankshares' current shareholders will receive a Contingent Value Right, entitling them to receive cash proceeds of up to $0.75 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Green Bankshares by not acting in the Company's shareholders' best interests in connection with the sale process to Green Bankshares. The transaction may undervalue Green Bankshares as Green Bankshares stock traded at $2.23 on May 3, 2011 and $3.74 on January 25, 2011.

Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Green Bankshares. For more information regarding our investigation, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/grnb.

If you own shares of Green Bankshares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/grnb. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.