Chattanooga-based First Security Group posted widening losses in the fourth quarter of 2010, topping losses reported in 2009.
The parent company of FSGBank said during the year it has hired new executives and outsourced management of its foreclosed properties as a way for addressing its challenges.
First Security reported an $11.84 million loss in the fourth quarter of 2010, or 75 cents per share, up from a $3.57 million loss in the fourth quarter of 2009.
The company lost $46.4 million over the course of 2010, or $2.95 per share, compared to $35.4 million the previous year.
See tomorrow’s Chattanooga Times Free Press for more coverage.