Chattanooga bank FSG reports quarterly profit

Chattanooga bank FSG reports quarterly profit

August 5th, 2014 by Staff Report in Local - Breaking News

Michael Kramer, FSG Bank

Michael Kramer, FSG Bank

Photo by Dan Henry /Times Free Press.

Chattanooga's biggest independent bank returned to profitability in the second quarter after investors recapitalized the bank a year ago.

First Security Group, Inc., the parent company of FSG Bank, said today it earned $613,000, or 1 cent per share, in the three months ended June 30. In the first quarter, FSG lost $45,000.

"We are pleased to have achieved core profitability in the second quarter," FSG CEO Michael Kramer said. "We believe that we have reached an inflection point in our recovery and that barring any unforeseen events, First Security is on a path to healthy profitability built on a strong, and improving, balance sheet."

FSG reported that loans in the second quarter alone grew by nearly $55 million, or 9 percent.

FSG has assets of more than $1 billion. Founded in 1999, the bank has 26 full-service banking

offices along the interstate corridors of eastern and middle Tennessee and northern Georgia.

Read more in tomorrow's Times Free Press.