FSG losses raise doubts about company

FSG losses raise doubts about company

December 16th, 2010 by Brittany Cofer in Local - Breaking News

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.