Josh Flory reports on the laying off of about 70 employees last week at Green Bankshares, where management is trying to right the ship after curtailing its lending over the past few years.
SEE ALSO: Background on Green Bankshares' troubles in recent years
So why such a prominent address for those government auditors? Revenue commissioner Reagan Farr said in an interview that the state gets a very good deal on the space and doesn't pay the market rate, although he didn't know what the market rate was for Times Square. The new lease is $59.19 a square foot plus an estimated annual utility cost of $3.50 a square foot, for a total effective rate of $62.69 a foot. (The old lease had an annual effective cost of $49.82 a square foot.)
The company said that for this year, TARP rules prohibit top execs from getting cash bonuses, and equity awards are limited to about one-third of total compensation. In years past, the filing said, executive compensation was heavily weighted in favor of bonus opportunities and equity awards.
"We'll have very focused attention on (each) line of business," [Charles Burkett] said. "These are the businesses that we want to be in, that we want to grow, we want to support, and it gets our people servicing customers in those segments with additional focus on it."SEE ALSO: Naomi Snyder with the corresponding Nashville news that ends up with Mike Edwards in Memphis and Doyle Rippee in charge of Middle Tennessee.