Business Briefs: Consent order lifted for FSG Bank in Chattanooga

Business Briefs: Consent order lifted for FSG Bank in Chattanooga

March 12th, 2014 by Staff Reports and Wire Service in Business Around the Region

FSG Bank branch at the corner of Broad and Sixth streets

Photo by Laura McNutt/Times Free Press.

Consent order lifted for FSG Bank in Chattanooga

Federal regulators have lifted the consent order imposed on FSG Bank nearly four years in the midst of the Great Recession. Chattanooga's biggest independent bank, which was recapitalized last spring with a $91.1 million sale of new stock from outside investors, is now regarded as a "well capitalized" bank by the Office of the Comptroller of the Currency.

"We view this as a culmination of years of hard work and dedication to fulfilling a vision of establishing the framework for a great community bank," FSG Chief Financial Officer John Haddock said Tuesday. "Now we are able to focus all of our energy and attention towards being a premier community bank and serving our communities."

FSG, a subsidiary of First Security Group, was founded in 1999 and has assets of about $1 billion.

Fresenius adds 665 Knoxville jobs

Fresenius Medical Care will invest $140 million to locate its new East Coast manufacturing facility in Knoxville. The dialysis company announced Tuesday it will move one production line to the Knoxville facility by September and complete the relocation by 2016, adding 665 jobs in Knox County. The Knoxville facility will produce dialysis related products, which will be distributed to Fresenius Medical Care's clinics and distribution centers in the eastern part of the United States.

"Today's announcement supports our goal of becoming the No. 1 location in the Southeast for high quality jobs," Gov. Bill Haslam said.