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      Greene County Bancshares, Inc. Form 8-K filed May 18, 2007
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>UNITED
          STATES</strong></font></div>
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          AND EXCHANGE COMMISSION</strong></font></div>
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          D.C. 20549</strong></font></div>
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          8-K</strong></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
          REPORT</strong></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
          TO SECTION 13 OR 15(d) OF THE</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
          EXCHANGE ACT OF 1934</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date
          of
          Report (date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><u>May
          14, 2007</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          COUNTY BANCSHARES, INC.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u>Tennessee</u><font id="TAB2" style="COLOR: black; LETTER-SPACING: 160.4pt">&#160;</font></div>
                </td>
                <td width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u>0-14289</u><font id="TAB2" style="COLOR: black; LETTER-SPACING: 133.55pt">&#160;</font></div>
                </td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u>62-1222567</u></div>
                </td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(State
                    or Other Jurisdiction<font id="TAB2" style="COLOR: black; LETTER-SPACING: 156.8pt">&#160;</font></div>
                </td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(Commission
                    File Number)</div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(I.R.S.
                    Employer</div>
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                <td width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">of
                    Incorporation)</div>
                </td>
                <td width="33%">&#160;</td>
                <td width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Identification
                    No.)</font></div>
                </td>
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        <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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          North
          Main Street, Greeneville, Tennessee 37743-4992</font></div>
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          639-5111</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.2pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Check
          the
          appropriate box if the Form 8-K filing is intended to simultaneously satisfy
          the
          filing</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">
          obligation of the registrant under any of the following provisions:</font></div>
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          Written communications pursuant to Rule 425 under the Securities Act (17
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&#160;]
          Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
          CFR
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          Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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          CFR
          240.14d-2(b))</font></div>
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&#160;]
          Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
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          5 - Corporate Governance and Management</strong></em></font></div>
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          of Certain Officers; Compensatory Arrangements </font></strong></div>
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                <td valign="top" width="5%">(e)</td>
                <td width="95%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">On
                    May 14, 2007, the Board of Directors of Greene County
                    Bancshares (the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">"Company"),
                    upon the recommendation of its Compensation Committee,&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">approved
                    the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">
                    following compensatory plans and arrangements for the Company's
                    named
                    executive officers (i.e., the top 5 most highly
                    compensated&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">officers
                    as reported in the Company's Proxy Statement filed in connection
                    with the
                    2007 annual shareholders' meeting):</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;R.
          Stan
          Puckett; Chairman and Chief Executive Officer - $117,810 bonus </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Kenneth
          R.
          Vaught; President and Chief operating Officer - $65,450 bonus</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 81pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 81pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;James
          E.
          Adams; Executive Vice and Chief Financial Officer - base salary increased
          from
          $181,562.64 to $200,000</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 28.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>The
          bonuses paid to Messrs.
          Puckett and Vaught were paid pursuant to formulas in accordance with their
          respective employment agreements.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
          to the requirements of the Securities Exchange Act of 1934, the registrant
          has
          duly caused this report to be signed on its behalf by the undersigned hereunto
          duly authorized.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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              <tr bgcolor="white">
                <td width="50%">Dated:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;May
                  18,
                  2007<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</td>
                <td colspan="2" width="50%">GREENE COUNTY BANCSHARES, INC.</td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;</td>
                <td width="5%">&#160;</td>
                <td width="45%">&#160;</td>
              </tr>
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                <td width="50%">&#160;</td>
                <td colspan="2" width="50%"><u>/s/ James E. Adams<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></u><font id="TAB2" style="LETTER-SPACING: 9pt"></font></td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;</td>
                <td width="5%">Name:</td>
                <td width="45%">James E. Adams&#160; </td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;</td>
                <td width="5%">Title:</td>
                <td width="45%">Executive Vice President and </td>
              </tr>
              <tr bgcolor="white">
                <td width="50%">&#160;</td>
                <td width="5%">&#160;</td>
                <td width="45%">Chief Executive Officer</td>
              </tr>

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        <div>&#160;</div>
        <div>&#160;</div>
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[{"type": "8-K", "sequence": "1", "filename": "gcbsform8-kmay182007.htm", "description": "GREENE COUNTY BANCSHARES, INC. FORM 8-K FILED MAY 18, 2007", "secsgml_size_bytes": 24991}]
{"company-data": {"conformed-name": "GREENE COUNTY BANCSHARES INC", "cik": "0000764402", "assigned-sic": "6022", "irs-number": "621222567", "state-of-incorporation": "TN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-14289", "film-number": "07865567"}, "business-address": {"street1": "100 NORTH MAIN STREET", "city": "GREENEVILLE", "state": "TN", "zip": "37743-4992", "phone": "4236395111"}, "mail-address": {"street1": "P O BOX 1120", "city": "GREENEVILLE", "state": "TN", "zip": "37744-1120"}}
Greene County Bancshares, Inc. Form 8-K filed May 18, 2007
UNITED
          STATES
SECURITIES
          AND EXCHANGE COMMISSION
Washington,
          D.C. 20549
FORM
          8-K
CURRENT
          REPORT
PURSUANT
          TO SECTION 13 OR 15(d) OF THE
SECURITIES
          EXCHANGE ACT OF 1934
Date
          of
          Report (date of earliest event reported):
May
          14, 2007
GREENE
          COUNTY BANCSHARES, INC.
Tennessee
0-14289
62-1222567
(State
                    or Other Jurisdiction
(Commission
                    File Number)
(I.R.S.
                    Employer
of
                    Incorporation)
Identification
                    No.)
100
          North
          Main Street, Greeneville, Tennessee 37743-4992
(423)
          639-5111
Check
          the
          appropriate box if the Form 8-K filing is intended to simultaneously satisfy
          the
          filing
obligation of the registrant under any of the following provisions:
[ 
]
          Written communications pursuant to Rule 425 under the Securities Act (17
          CFR
          230.425)
[
 ]
          Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
          CFR
          240.14a-12)
[ 
]
          Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
          Act
          (17
CFR
          240.14d-2(b))
[
 ]
          Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
At
(17
          CFR.13e-4(c))
Section
          5 - Corporate Governance and Management
Item
          5.02
Departure
          of Directors or Certain Officers; Election of Directors;
Appointment
          of Certain Officers; Compensatory Arrangements
of
          Certain
Officers
(e)
On
                    May 14, 2007, the Board of Directors of Greene County
                    Bancshares (the
"Company"),
                    upon the recommendation of its Compensation Committee,
approved
                    the
following compensatory plans and arrangements for the Company's
                    named
                    executive officers (i.e., the top 5 most highly
                    compensated
officers
                    as reported in the Company's Proxy Statement filed in connection
                    with the
                    2007 annual shareholders' meeting):
R.
          Stan
          Puckett; Chairman and Chief Executive Officer - $117,810 bonus
Kenneth
          R.
          Vaught; President and Chief operating Officer - $65,450 bonus
James
          E.
          Adams; Executive Vice and Chief Financial Officer - base salary increased
          from
          $181,562.64 to $200,000
The
          bonuses paid to Messrs.
          Puckett and Vaught were paid pursuant to formulas in accordance with their
          respective employment agreements.
SIGNATURE
Pursuant
          to the requirements of the Securities Exchange Act of 1934, the registrant
          has
          duly caused this report to be signed on its behalf by the undersigned hereunto
          duly authorized.
Dated:
May
                  18,
                  2007
GREENE COUNTY BANCSHARES, INC.
/s/ James E. Adams
Name:
James E. Adams
Title:
Executive Vice President and
Chief Executive Officer