Joseph “Nick” D. Decosimo, managing principal of the Chattanooga accounting firm of Joseph Decosimo and Co., will join the board of the recently recapitalized First Security Group, Inc., pending regulatory approval.
Decosimo will replace Robert “Bob” P. Keller, who announced today he is leaving the FSG bank board after two years.
The board changes come a month after a group of investors bought $91.1 million of additional First Security stock, allowing the bank to repay its federal loan through the Troubled Asset Relief Program (TARP) and strengthening the bank’s balance sheet.
As part of that recapitalization, FSG announced the appointments of Adam Hurwich and Henchy Enden to the bank board, also subject to regulatory non-objections.
Larry D. Mauldin, chairman of the First Security board, said the bank wanted another local director as the bank gets on stronger financial footing.
“Nick has led Decosimo and Company since 2003 and provided exceptional leadership for his firm as well as impacting many non-profit organizations in and around Chattanooga,” Mauldin said. “Our employees and shareholders will be well-served by Nick's business expertise and community involvement.”