UNITED TENNESSEE BANKSHARES

United Tennessee Bankshares, Inc. was formed under the laws of the State of Tennessee in August 1997 to serve as the holding company following the conversion. They have received approval from the OTS for their holding company to acquire them in the conversion subject to satisfaction of certain conditions. Before the conversion, their holding company has not engaged and will not engage in any material operations. Following the conversion, their holding company will direct, plan and coordinate their business activities. In the future, their holding company may become an operating company or acquire or organize other operating subsidiaries, including other financial institutions.