Green Bankshares Inc. in Greeneville, Tenn., said "no thanks" to a major shareholder's unsolicited offer to inject $25 million to $40 million of fresh capital into the company so it can buy failed banks.

Late Monday the company said it was happy with the capital levels it has and so rejected the offer from Scott M. Niswonger, who owns 9.94% of the $2.8 billion-asset Green. The proposed infusion would have raised his stake above the 10% maximum for any one shareholder set in the company's charter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.