A veteran Midwest banker has been hired to head Chattanooga's biggest independent bank.
First Security Group Inc., announced today that Michael Kramer has been named chief executive officer of FSGBank, the $1.1 billion-asset bank headquartered in Chattanooga. Kramer, a 20-year banker who has worked for the past decade on turning around community banks, succeeds Roger Holley, who resigned as FSG's president in April.
Holley helped establish FSG in 1999 and expanded the bank to include nearly three dozen offices in Tennessee and Georgia before resigning after the bank came under intensified regulatory oversight after reporting losses in 2009 and 2010.
Kramer most recently was managing director of Ridley Capital Group, a private equity/merchant banking firm focused on financial service companies. He has more than 20 years of executive leadership in commercial and retail banking, correspondent banking, credit and risk management, treasury management services, banking operations/technology and market management.
Prior to his tenure with Ridley Capital, Kramer was president and CEO of Ohio Legacy Corp., a bank holding company based in Wooster, Ohio. During his five-year tenure, he led a board and management reorganization, executing a successful credit turnaround strategy and balance sheet transformation. As a result of the reorganization, the company was recapitalized by Excel Bancorp.
"Mike has the relevant experience, dynamic leadership style, and financial acumen to help this organization prosper and grow," said First Security Group and FSGBank Lead Director Carol H. Jackson. "We are delighted to welcome him aboard after an extensive national CEO search."
Kramer will also serve as a director of FSGBank, subject to regulatory approval.
"I am very excited about the future of FSGBank," Kramer said. "This is a company with a solid foundation, great possibilities and excellent markets; all of the ingredients critical to building a successful, profitable community bank."