FSG loss widens in 2nd quarter

FSG loss widens in 2nd quarter

August 16th, 2011 by Staff Reports in Business Around the Region


First Security Group doubled its losses in the second quarter, losing $5.9 million, or 37 cents per share, in the three months ending June 30.

In a regulatory filing released Monday night, the Chattanooga banking company reported that it has shrunk its loan portfolio and experienced higher operating expenses from nonperforming loans.

In the same period a year ago, the parent company of FSG lost $2.6 million, or 17 cents per share.

FSG officials said the bank is evaluating consolidating or closing up to seven of its 36 branches and is cutting other expenses.

Bank officials said reforms should improve FSG's results.