Chattanooga-based FSGBank has reported with the Securities and Exchange Commission in its latest financial statement that there is "possible doubt as to its ability to continue as a going concern."
According to the third-quarter financial statement from its parent company, First Security Group Inc., the bank has "experienced losses from operations during the last two years that raise possible doubt as to its ability to continue as a going concern."
The document states the company's ability to continue operation is "contingent upon its ability to devise and successfully execute a management plan to develop profitable operations," satisfy regulatory actions and lower the level of its problem assets to "an acceptable level."
Read tomorrow's Chattanooga Times Free Press for complete details.
Brittany Cofer is a business reporter who has been with the Chattanooga Times Free Press since January 2010. She previously worked as a general assignment Metro reporter. In the Business department, she covers banking, retail, tourism, consumer issues and green issues. Brittany is from Conyers, Ga., and spent two years at Kennesaw State University in Kennesaw, Ga., before transferring to the University of Georgia. She graduated from the university’s Grady College of Journalism in December ...