Exhibit 99.1

Green Bankshares Reports First Quarter Results

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Green Bankshares, Inc. (NASDAQ:GRNB), the holding company for GreenBank, today reported 2008 first quarter net income of $7,178,000 compared with $5,616,000 for the same period a year ago, representing an increase of almost 28%. On a diluted per share basis, earnings for the first quarter of 2008 were $0.56 per share, or a decline of 2% from $0.57 reported last year caused by an increase of 3,020,854 in weighted average shares outstanding related to the Company's acquisition of Civitas BankGroup in the second quarter of 2007.

The fundamental year-over-year improvement in the Company's net income reflects higher levels of net interest income and non-interest income, which were partially offset by increased non-interest expenses. Net interest income for the first quarter of 2008 rose 30% to $24,472,000 from $18,821,000 in the year-earlier quarter. This was the exclusive result of an increase of $978,000,000 in average earning assets, of which $796,000,000 related to the Civitas acquisition, as well as $182,000,000 of organic loan growth. The quarter's provision for loan losses declined to $888,000 from $974,000 in the first quarter of last year due to loan contraction during the first quarter of 2008 compared with loan growth during the same period a year ago and was influenced further by the higher level of net loan charge-offs in 2008.

Commenting on the results, Stan Puckett, Chairman and Chief Executive Officer, said, "The interest rate environment remained challenging in the first quarter of 2008 as the Federal Reserve lowered market rates by 200 basis points or two full percentage points – the largest quarterly rate reduction since the fourth quarter of 1984. As a result, our net interest margin declined 15 basis points in the first quarter on a linked-quarter basis, excluding interest reversals of $651,000 in the fourth quarter of 2007 and $344,000 in the first quarter of 2008. Approximately one-half of our loan portfolio is set at variable rates, which re-priced downward immediately; however, we were not able to re-price certificates of deposit as quickly as loan rates were being reduced."

Puckett added, "Net charge-offs for the quarter totaled $1,072,000 or five basis points on a consolidated level and $682,000 or three basis points at the bank level. Non-performing assets increased six percent to $39,308,000 in the first quarter. The majority of the increase in non-performing assets resulted from foreclosures initiated late during the fourth quarter of 2007 and, in most cases, the time frame for taking title to foreclosed real estate has expanded from weeks to months. As the Company is now taking possession of these foreclosed properties, we will be aggressive in attempting to dispose of them and reduce non-performing asset levels."

Puckett continued, "Our High Performance Checking program continues to generate strong results. We opened 5,235 new checking accounts, net of account closings, in the first quarter for an opening-to-closing ratio of 2.68 to one. Management believes the average checking account opening-to-closing ratio for mature banks is less than 1.25 to one, so we are encouraged by the net growth in new checking customers. These new customers bring deposits, non-interest income and the opportunity to cross-sell other banking products."

Non-interest expense totaled $19,561,000 for the current quarter, up 39% from $14,042,000 in the first quarter of 2007. This increase primarily reflected the addition of normal operating costs totaling approximately $3,222,000 related to the infrastructure associated with the Civitas acquisition.

For the quarter, Return on Average Assets (ROA) was 0.99%, Return on Average Equity (ROE) was 8.78% and Return on Average Tangible Equity was 16.86%.

Puckett concluded, "This is a challenging environment and the health of the economy and specifically the resiliency of residential real estate will heavily influence our financial results for at least the remainder of 2008. But I believe that our future is promising due to our talented and dedicated staff and the enviable branch footprint we have established across several attractive markets."

At March 31, 2008, the Company's total assets increased 59% to $2,912,615,000 compared with $1,827,634,000 at March 31, 2007, but declined 1% from $2,947,741,000 at December 31, 2007. Net loans increased 46% to $2,335,979,000 at March 31, 2008, from $1,603,281,000 at March 31, 2007, but were down 1% from the $2,356,376,000 at year-end 2007. Deposits increased 48% to $2,059,382,000 at March 31, 2008, from $1,390,442,000 at March 31, 2007, and up 4% from $1,986,793,000 as of December 31, 2007. Total shareholders' equity increased 74% to $330,165,000 at March 31, 2008, from $189,997,000 at March 31, 2007, and was up 2% versus $322,477,000 at December 31, 2007.

Greeneville, Tennessee-based Green Bankshares, Inc., with total assets of approximately $2.913 billion, is the holding company for GreenBank. GreenBank, which traces its origin to 1890, has 64 branches across East and Middle Tennessee, and one branch each in Bristol, Virginia, and Hot Springs, North Carolina. It also provides wealth management services through its GreenWealth Division and residential mortgage lending through its Mortgage Division. In addition, GreenBank 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 automobile lending; and Fairway Title Co., a title insurance company.

Certain matters discussed in this news release are not historical facts but are "forward-looking statements" within the meaning of and are furnished pursuant to the Private Securities Litigation Reform Act of 1995. 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. Risks and uncertainties related to the Company's business are discussed in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2007, and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update forward-looking statements.

GREENE COUNTY BANCSHARES, INC.
Unaudited Financial Highlights
(In thousands, except per share amounts)
	Three Months Ended
	March 31,		Dec. 31,		March 31,
	2008		2007		2007
Interest income	$	46,109	$	49,911	$	32,638
Interest expense		21,637		24,305		13,817
Net interest income		24,472		25,606		18,821
Provision for loan losses		888		10,806		974
Net interest income after provision for loan losses		23,584		14,800		17,847
Non-interest income		7,306		8,108		5,399
Non-interest expense		19,561		19,567		14,042
Income before income taxes		11,329		3,341		9,204
Income taxes		4,151		583		3,588
Net income	$	7,178	$	2,758	$	5,616
Comprehensive income	$	9,186	$	4,829	$	5,657
Earnings per share:
Basic	$	0.56	$	0.21	$	0.57
Diluted	$	0.56	$	0.21	$	0.57
Weighted average shares:
Basic		12,931		12,927		9,815
Diluted		12,931		12,963		9,910
Dividends declared per share	$	0.13	$	0.29	$	0.13
	March 31,		Dec. 31,		March 31,
	2008		2007		2007
Total assets	$	2,912,615	$	2,947,741	$	1,827,634
Cash and cash equivalents		57,517		65,717		54,798
Investment securities		245,354		248,898		54,286
Loans, net of unearned interest		2,335,979		2,356,376		1,603,281
Allowance for loan losses		33,927		34,111		22,932
Deposits		2,059,382		1,986,793		1,390,442
Shareholders' equity		330,165		322,477		189,997
Tangible shareholders' equity 1		172,993		164,650		151,727
Book value per share		25.40		24.94		19.35
Tangible book value per share 1		13.31		12.73		15.45
1 Tangible shareholders' equity is shareholders' equity less goodwill and intangible assets.

GREEN BANKSHARES, INC.
Condensed Consolidated Balance Sheets
March 31, 2008 and December 31, 2007
(Dollars in thousands except share and per share data)
		(Unaudited)
		March 31,			December 31,
		2008			2007(a)
ASSETS
Cash and due from banks	$	57,517		$	65,717
Securities available-for-sale ("AFS")		231,349			235,273
Securities held-to-maturity (with a market value of $1,084 and $1,280 on March 31, 2008 and December 31, 2007)		1,118			1,303
FHLB and other stock, at cost		12,887			12,322
Loans held for sale		2,350			2,331
Loans, net of unearned income		2,335,979			2,356,376
Allowance for loan losses		(33,927	)		(34,111	)
Bank premises and equipment, net of accumulated depreciation		82,685			82,697
Goodwill and other intangible assets		157,172			157,827
Other assets		65,485			68,006
Total Assets	$	2,912,615		$	2,947,741
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	$	2,059,382		$	1,986,793
Federal funds purchased		39,839			87,787
Repurchase agreements		92,957			106,738
FHLB advances and notes payable		272,342			318,690
Subordinated debentures		88,662			88,662
Accrued interest payable and other liabilities		29,268			36,594
Total Liabilities		2,582,450			2,625,264
SHAREHOLDERS' EQUITY
Common Stock: $2 par value, 20,000,000 shares authorized; 13,000,987 and 12,931,015 shares outstanding		26,002			25,862
Paid in Capital		186,465			185,170
Unearned compensation		(1,243	)		-
Retained Earnings		115,426			109,938
Accumulated Other Comprehensive Income (Loss)		3,515			1,507
Total Shareholders' Equity		330,165			322,477
Total Liabilities & Shareholders' Equity	$	2,912,615		$	2,947,741
(a) Derived from Audited Consolidated Financial Statements.

GREEN BANKSHARES, INC.
Condensed Consolidated Statements of Income and Comprehensive Income
Three Months Ended March 31, 2008, December 31, 2007 and March 31, 2007
(Unaudited)
(Dollars in thousands except share and per share data)
		Three Months Ended
		March 31,		December 31,		March 31,
		2008		2007		2007
Interest Income:
Interest and Fees on Loans	$	42,749	$	46,447	$	31,915
Interest on Investment Securities		3,357		3,459		708
Interest on Federal Funds Sold and Interest-earning Deposits		3		5		15
Total Interest Income		46,109		49,911		32,638
Interest Expense:
Interest on Deposits		15,935		17,395		11,153
Interest on Borrowings		5,702		6,910		2,664
Total Interest Expense		21,637		24,305		13,817
Net Interest Income		24,472		25,606		18,821
Provision for Loan Losses		888		10,806		974
Net Interest Income after Provision for Loan Losses		23,584		14,800		17,847
Noninterest Income:
Service Charges, Commissions and Fees		6,227		6,603		4,289
Other Income		1,079		1,505		1,110
Total Noninterest Income		7,306		8,108		5,399
Noninterest Expense:
Salaries and Benefits		9,848		9,808		7,458
Occupancy and Furniture and Equipment Expense		3,449		2,923		2,096
Other Expenses		6,264		6,836		4,488
Total Noninterest Expense		19,561		19,567		14,042
Income Before Income Taxes		11,329		3,341		9,204
Income Taxes		4,151		583		3,588
Net Income	$	7,178	$	2,758	$	5,616
Comprehensive Income	$	9,186	$	4,829	$	5,657
Per Share of Common Stock:
Basic Earnings		$0.56		$0.21		$0.57
Diluted Earnings		$0.56		$0.21		$0.57
Dividends		$0.13		$0.29		$0.13
Weighted Average Shares Outstanding:
Basic		12,931,169		12,926,673		9,815,452
Diluted		12,931,169		12,962,869		9,910,315

GREEN BANKSHARES, INC.
Consolidated Financial Highlights
(UNAUDITED)
(Dollars in thousands except share and per share data)
		March 31,			December 31,				%
		2008			2007				Change
Financial Condition Data:
Assets	$	2,912,615		$	2,947,741				-1.19	%
Loans, net of unearned interest		2,335,979			2,356,376				-0.87	%
Cash and investments		302,871			314,615				-3.73	%
Deposits		2,059,382			1,986,793				3.65	%
Federal funds purchased		39,839			87,787				(1	)
FHLB advances and notes payable		272,342			318,690				-14.54	%
Subordinated debentures		88,662			88,662				0.00	%
Repurchase agreements		92,957			106,738				-12.91	%
Shareholders' equity		330,165			322,477				2.38	%
Tangible shareholders' equity (1)		172,993			164,650				5.07	%
Ratios:
Book value per share		$25.40			$24.94				1.84	%
Tangible book value per share (1)		$13.31			$12.73				4.56	%
Average equity to average assets		11.23	%		10.91	%			2.93	%
Dividend payout ratio		23.21	%		32.85	%	(2	)	-29.33	%
(1) Tangible shareholders' equity is shareholders' equity less goodwill and intangible assets.
(2) Includes special dividend of $0.16 per share paid in December 2007.
		Three Months Ended
		March 31,
		2008			2007				% Change
Operating Data:
Total Interest Income	$	46,109		$	32,638				41.27	%
Total Interest Expense		21,637			13,817				56.60	%
Net Interest Income		24,472			18,821				30.02	%
Provision for Loan Losses		888			974				-8.83	%
Net Interest Income After Provision for Loan Losses		23,584			17,847				32.15	%
Non-Interest Income		7,306			5,399				35.32	%
Non-Interest Expense		19,561			14,042				39.30	%
Income Before Income Taxes		11,329			9,204				23.09	%
Income Tax Expense		4,151			3,588				15.69	%
Net Income	$	7,178		$	5,616				27.81	%
Comprehensive Income	$	9,186		$	5,657				62.38	%
Per Share of Common Stock:
Basic Earnings		$0.56			$0.57				-1.75	%
Diluted Earnings		$0.56			$0.57				-1.75	%
Dividends		$0.13			$0.13				0.00	%
Weighted Average Shares Outstanding:
Basic		12,931,169			9,815,452
Diluted		12,931,169			9,910,315
		Three Months Ended
		March 31,			December 31,				March 31,
		2008			2007				2007
Key Financial Ratios:
Return on Average Assets		0.99	%		0.37	%			1.26	%
Return on Average Shareholders' Equity		8.78	%		3.34	%			11.93	%
Return on Average Tangible Shareholders' Equity (1)		16.86	%		6.59	%			14.99	%
Interest Rate Spread		3.51	%		3.54	%			4.22	%
Net Interest Margin		3.81	%		3.91	%			4.70	%
Efficiency Ratio		61.56	%		58.04	%			57.98	%
(1) Tangible shareholders' equity is shareholders' equity less goodwill and intangible assets.
		March 31,			December 31,				March 31,
		2008			2007				2007
Asset Quality Ratios:
Nonperforming Loans as a Percentage of Total Loans, net of Unearned Income		1.29	%		1.36	%			0.21	%
Nonperforming Assets as a Percentage of Total Assets		1.35	%		1.25	%			0.28	%
Allowance for Loan Losses as a Percentage of Total Loans, net of Unearned Income		1.45	%		1.45	%			1.43	%
Allowance for Loan Losses as a Percentage of Nonperforming Loans		112.88	%		106.34	%			690.10	%
Net Charge-Offs to Average Total Loans, Net of Unearned Income		0.05	%		0.57	%			0.02	%

GREEN BANKSHARES, INC.
Consolidated Financial Highlights
March 31, 2008
(UNAUDITED)
Nonperforming Assets and Net Charge-offs
As of and for the three months ended March 31, 2008		Bank		Other		Total
Loans past due 90 days and still accruing	$	155	$	-	$	155
Nonaccrual loans		29,363		538		29,901
Other real estate owned and repossessed assets		8,845		407		9,252
Total nonperforming assets	$	38,363	$	945	$	39,308
YTD net charge-offs	$	682	$	390	$	1,072
As of and for the year ended December 31, 2007		Bank		Other		Total
Loans past due 90 days and still accruing	$	18	$	-	$	18
Nonaccrual loans		31,560		500		32,060
Other real estate owned and repossessed assets		4,311		548		4,859
Total nonperforming assets	$	35,889	$	1,048	$	36,937
Net charge-offs	$	10,193	$	1,503	$	11,696

Asset Quality Ratios
As of and for the three months ended March 31, 2008	Bank	Other	Consolidated
Nonperforming loans as a percentage of total loans, net of unearned income	1.27%	1.37%	1.29%
Nonperforming assets as a percentage of total assets	1.32%	1.83%	1.35%
Allowance for loan losses as a percentage of total loans, net of unearned income	1.32%	8.00%	1.45%
Allowance for loan losses as a percentage of nonperforming loans	104.33%	582.16%	112.88%
YTD net charge-offs to average total loans, net of unearned income	0.03%	1.01%	0.05%
As of and for the year ended December 31, 2007	Bank	Other	Consolidated
Nonperforming loans as a percentage of total loans, net of unearned income	1.35%	1.30%	1.36%
Nonperforming assets as a percentage of total assets	1.22%	2.11%	1.25%
Allowance for loan losses as a percentage of total loans, net of unearned income	1.32%	7.96%	1.45%
Allowance for loan losses as a percentage of nonperforming loans	98.37%	609.80%	106.34%
Net charge-offs to average total loans, net of unearned income	0.50%	4.14%	0.57%

GREEN BANKSHARES, INC.
Condensed Average Balances, Interest Rates and Yields
March 31, 2008
	Three Months Ended
	March 31,
	2008				2007
	Average		Average		Average		Average
	Balance	Interest	Rate		Balance	Interest	Rate
Interest-earning assets:
Loans(1)(2)	2,357,543	42,766	7.30	%	1,572,640	31,937	8.24	%
Investment securities (2)	245,863	3,536	5.78	%	51,676	719	5.64	%
Other short-term investments	458	3	2.63	%	1,258	15	4.84	%
Total interest-earning assets	2,603,864	46,305	7.15	%	1,625,574	32,671	8.15	%
Non-interest earning assets	324,207				153,345
Total assets	2,928,071				1,778,919
Interest-bearing liabilities:
Deposits:
Interest checking, money market and savings	697,424	3,325	1.92	%	540,648	3,546	2.66	%
Time deposits	1,137,188	12,610	4.46	%	673,242	7,607	4.58	%
Total interest bearing-deposits	1,834,612	15,935	3.49	%	1,213,890	11,153	3.73	%
Securities sold under repurchase and short-term borrowings	153,059	1,092	2.87	%	25,856	286	4.49	%
Notes payable	399,530	4,610	4.64	%	185,312	2,378	5.20	%
Total interest-bearing liabilities	2,387,201	21,637	3.65	%	1,425,058	13,817	3.93	%
Non-Interest Bearing Liabilities:
Demand Deposits	186,454				145,185
Other Liabilities	25,640				20,398
Total Non-Interest Bearing Liabilities	212,094				165,583
Total liabilities	2,599,295				1,590,641
Shareholders' equity	328,776				188,278
Total liabilities & shareholders' equity	2,928,071				1,778,919
Net interest income		24,668				18,854
Interest rate spread			3.51	%			4.22	%
Net yield on interest-earning assets (net interest margin)			3.81	%			4.70	%
(1) Average loan balances included nonaccrual loans. Interest income collected on nonaccrual loans has been included.
(2) Fully Taxable Equivalent (“FTE”) at the rate of 35%. The FTE basis adjusts for the tax benefits of income on certain tax-exempt loans and investments using the federal statutory rate of 35% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

GREEN BANKSHARES, INC.
Consolidated Financial Highlights
March 31, 2008
(UNAUDITED)
		March 31, 2008					December 31, 2007
Loans		Balance		%			Balance		%		% Change
Commercial	$	320,134		13.62	%	$	320,264		13.51	%	-0.04	%
Commercial real estate		1,539,821		65.51	%		1,549,456		65.38	%	-0.62	%
Residential real estate		392,171		16.69	%		398,779		16.83	%	-1.66	%
Consumer		94,751		4.03	%		97,635		4.12	%	-2.95	%
Other		3,445		0.15	%		3,872		0.16	%	-11.03	%
		2,350,322		100.00	%		2,370,006		100.00	%	-0.83	%
Less: Unearned interest income		(14,343	)				(13,630	)
Total	$	2,335,979				$	2,356,376
Loan Balances by Geographical Region and Operating Subsidiaries
		March 31, 2008					December 31, 2007
		Loan		% to			Loan		% to
		Balance		Total Loans			Balance		Total Loans		% Change
Northeastern Tennessee Region1	$	498,088		21.32	%	$	494,945		21.00	%	0.64	%
East Tennessee Region		778,145		33.31	%		782,254		33.20	%	-0.53	%
Middle Tennessee Region		1,020,575		43.69	%		1,040,854		44.17	%	-1.95	%
GCB Acceptance Corporation		16,095		0.69	%		15,292		0.65	%	5.25	%
Superior Financial Services, Inc.		23,076		0.99	%		23,031		0.98	%	0.20	%
Totals	$	2,335,979		100.00	%	$	2,356,376		100.00	%	-0.87	%
1 Includes one branch located in Southwestern Virginia and one branch located in Northwestern North Carolina
		March 31, 2008					December 31, 2007
Deposits		Balance		%			Balance		%		% Change
Non-interest bearing demand	$	192,636		9.35	%	$	201,289		10.13	%	-4.30	%
Interest bearing demand		530,346		25.75	%		476,521		23.99	%	11.30	%
Money market and savings		183,659		8.92	%		194,741		9.80	%	-5.69	%
Retail time		582,853		28.31	%		561,279		28.25	%	3.84	%
Jumbo time		569,888		27.67	%		552,963		27.83	%	3.06	%
Total	$	2,059,382		100.00	%	$	1,986,793		100.00	%	3.65	%
Deposit Balances by Geographical Region and Operating Subsidiaries
		March 31, 2008					December 31, 2007
		Balance		%			Balance		%		% Change
Northeastern Tennessee Region1	$	852,548		41.40	%	$	784,702		39.50	%	8.65	%
East Tennessee Region		289,255		14.05	%		278,646		14.02	%	3.81	%
Middle Tennessee Region		917,579		44.55	%		923,445		46.48	%	-0.64	%
GCB Acceptance Corporation		-		0.00	%		-		0.00	%	-
Superior Financial Services, Inc.		-		0.00	%		-		0.00	%	-
	$	2,059,382		100.00	%	$	1,986,793		100.00	%	3.65	%
1 Includes one branch located in Southwestern Virginia and one branch located in Northwestern North Carolina

CONTACT:
Green Bankshares, Inc.
James E. Adams, 423-278-3050
Executive Vice President and Chief Financial Officer