Exhibit 99.1

Shareholders of Independent Bankshares Corporation Approve Merger With
Greene County Bancshares

    GREENEVILLE, Tenn.--(BUSINESS WIRE)--Oct. 17, 2003--Greene County
Bancshares, Inc. ("Greene County") (NASDAQ:GCBS) today announced that,
in a special meeting held yesterday evening, the shareholders of
Independent Bankshares Corporation ("IBC") voted overwhelmingly to
approve its merger with Greene County. IBC is the holding company for
First Independent Bank, Gallatin, Tennessee and for Rutherford Bank
and Trust, Murfreesboro, Tennessee. The merger remains subject to
regulatory approval and satisfaction of other customary conditions and
is expected to be completed during the fourth quarter of 2003.
    The merger of IBC into Greene County will create a $1.1 billion
bank holding company with offices in the Middle Tennessee cities of
Gallatin, Hendersonville, Murfreesboro and Smyrna as well as Greene
County's existing offices in Eastern Tennessee, North Carolina and
Virginia.
    Commenting on news of the stockholder vote, Stan Puckett, Chairman
and Chief Executive Officer of Greene County, said, "We are pleased to
reach this next stage of our plan to combine our banking companies. We
remain excited about the prospect of entering new markets in the
Middle Tennessee region because of the solid foundation provided by
IBC."
    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. The following factors, among others, could
cause actual results to differ materially from those anticipated
results or other expectations expressed in the forward-looking
statements: the businesses of the Company and IBC may not be combined
successfully, or such combination may take longer to accomplish than
expected; the growth opportunities and cost savings from the merger
may not be fully realized or may take longer to realize than expected;
operating costs, customer losses and business disruption following the
merger, including adverse effects on relationships with employees, may
be greater than expected; governmental approvals of the merger may not
be obtained, or adverse regulatory conditions may be imposed in
connection with governmental approvals of the merger; the stockholders
of IBC may fail to approve the merger; adverse governmental or
regulatory policies may be enacted; the interest rate environment may
further compress margins and adversely affect net interest income; the
risk of continued diversification of assets and adverse changes to
credit quality; competition from other financial services companies in
the Company's and IBC's markets; the concentration of the Company's
operations in eastern Tennessee adversely affecting results if the
eastern Tennessee economy or real estate market declines; and the risk
of an economic slowdown that would adversely affect credit quality and
loan originations.
    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 30 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