Latest First Security Group (FSGI) Headlines
FSGBank declares termination of Consent Order from OCC
M2 - Wed Mar 12, 7:17AM CDT
The wholly-owned subsidiary of UAE-based First Security Group Inc (NASDAQ:FSGI), FSGBank NA (the bank) disclosed on Tuesday that the Office of the Comptroller of the Currency (the OCC) provided it with a written notification of the termination of the Consent Order.
FSGBank Announces Lifting of Regulatory Enforcement Action
Business Wire - Tue Mar 11, 4:01PM CDT
FSGBank, N.A. ("FSGBank" or the "Bank") today reported that the Office of the Comptroller of the Currency (the "OCC") provided written notification of the termination of the Consent Order with FSGBank, the wholly-owned subsidiary bank of First Security Group, Inc. (NASDAQ: FSGI) ("First Security").
First Security Group Announces 2013 Earnings
Business Wire - Tue Feb 25, 7:31AM CST
First Security Group, Inc. (NASDAQ:FSGI) ("First Security" or "FSG") today reported net income available to common shareholders for 2013 of $11.4 million, as compared to a loss of $39.6 million for 2012. For the fourth quarter of 2013, First Security reported a net loss allocated to common shareholders of $646 thousand, as compared to a $1.4 million loss in the third quarter of 2013 and a $16.1 million loss for the fourth quarter of 2012.
First Security Group Announces Knoxville, Tennessee Market Additions
Business Wire - Fri Feb 07, 5:00AM CST
FSGBank, National Association, ("FSGBank"), the wholly-owned community bank subsidiary of First Security Group, Inc. (NASDAQ: FSGI), announced Robert Baird as Senior Vice President - Market Executive for the Knoxville, Jefferson City and Cookeville, Tennessee markets. FSGBank also announced the establishment of a dedicated investor commercial real estate ("iCRE") position. David Haynes, who previously served as the Knoxville Market Executive, has assumed the new role with enhanced responsibility of iCRE throughout all FSGBank markets.
First Security Group Announces Third Quarter Results
Business Wire - Thu Nov 14, 5:00AM CST
First Security Group, Inc. (NASDAQ: FSGI) today reported a net loss allocated to common shareholders of $1.4 million, or $0.02 per basic and diluted share, for the third quarter of 2013 as compared to a loss of $9.4 million, or $5.79 per basic and diluted share, for the same period in 2012. For the nine months ended September 30, 2013, First Security reported net income available to common shareholders of $12.0 million, or $0.30 per basic and diluted share, as compared to a $23.5 million loss, of $14.54 per basic and diluted share, for the same period in 2012.
FSGBank Launches Tablet Banking App for iPad and Android Devices
Business Wire - Fri Nov 01, 6:00AM CDT
FSGBank, N.A., the wholly-owned subsidiary of First Security Group, Inc. (NASDAQ: FSGI), ("FSG" or "FSGBank") announced today the launch of an all new mobile banking app optimized specifically for the tablet, including iPad and Android devices, to improve accessibility for account holders. FSGBank is a community bank servicing Tennessee and North Georgia. FSG's free mobile banking app complements the bank's online, text, and phone banking offerings and is the first step in a growing trend to offer more end-to-end products and services through the mobile channel. The new app allows customers to:
WEALTHMAKERS.COM Issues Bullish Research Reports on CTXS, CVE, CZNC, FSGI, HRG, LLEN
M2 - Mon Jul 01, 10:37AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: Citrix Systems Inc (NASDAQ:CTXS), Cenovus Energy Inc (NYSE:CVE), CITIZENS & NORTHERN CORPORATION (NASDAQ:CZNC), First Security Group Inc (NASDAQ:FSGI), High River Gold Mines Ltd (NYSE:HRG), L & L Energy Inc (NASDAQ:LLEN)
WEALTHMAKERS.COM Issues Bullish Research Reports on FSGI, INTU, TEX, URG
M2 - Thu Jun 13, 10:38AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: First Security Group Inc (NASDAQ:FSGI), Intuit Inc (NASDAQ:INTU), TEREX CORPORATION (NYSE:TEX), UR-ENERGY INC (AMEX:URG)
Market Maker Surveillance Report. TIVO, PAY, S, INTC, ZQK, FSGI, Bearishly Biased Price Friction For Friday, June 7th 2013
M2 - Mon Jun 10, 8:31AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Friday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Friday there were 3872 companies with "abnormal" market making, 3378 companies with positive Friction Factors and 1979 companies with negative Friction Factors. Here is a list of the top companies with Abnormal Price Friction (bearish bias) in their stock prices. This means that there was more buying than selling in the stocks and their stock prices dropped. TIVO INCORPORATED (NASDAQ:TIVO), VeriFone Systems Inc (NYSE
AY), Sprint Nextel Corp (NYSE:S), INTEL CORPORATION (NASDAQ:INTC), QUIKSILVER, INC. (NYSE:ZQK), First Security Group Inc (NASDAQ:FSGI). To access Friction Factor, Naked Short Data and SqueezeTrigger Prices on all stocks please visit http://www.buyins.n
WEALTHMAKERS.COM Issues Bullish Research Reports on CPL, EMCF, EXAR, FGP, FISV, FSGI
M2 - Fri Jun 07, 10:33AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: Cpfl Energia SA (NYSE:CPL), Emclaire Financial Corp (NASDAQ:EMCF), Exar Corp (NASDAQ:EXAR), Ferrellgas Partners LP (NYSE:FGP), Fiserv Inc (NASDAQ:FISV), First Security Group Inc (NASDAQ:FSGI)
First Security declares effectiveness of registration statement filed with US SEC for sale of 60.7m common stock
M2 - Fri Jun 07, 4:34AM CDT
First Security Group Inc (NASDAQ:FSGI), the parent company of FSGBank NA, stated on Thursday that its registration statement on Form S-1 filed the same day with the US Securities and Exchange Commission (US SEC), was declared effective and accordingly, certain selling shareholders can now resell up to 60,735,000 shares of its common stock.
Market Maker Surveillance Report. ABFS, MBI, FSGI, YRCW, MNGA, BORN, Winning Stocks With Lowest Price Friction For Monday, May 6th 2013
M2 - Tue May 07, 2:54AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Monday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Monday there were 3810 companies with "abnormal" market making, 2953 companies with positive Friction Factors and 2357 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage gain per share Monday and low price friction (bullish). This means that there was more buying than selling in the stocks and their stock prices rose faster with less Friction. Arkansas Best Corp (NASDAQ:ABFS), MBIA Inc (NYSE:MBI), First Security Group Inc (NASDAQ:FSGI), YRC Worldwide Inc (NASDAQ:YRCW), MAGNEGAS CORP (OTCBB:MNGA), China New Borun Corp (NYSE:BORN). To access Friction Factor, Naked Short Data and SqueezeTrigger Prices on all stocks
Market Maker Surveillance Report. FXEN, FSGI, LLEN, CREG, LEDS, CLIR, Winning Stocks With Lowest Price Friction For Monday, April 29th 2013
M2 - Tue Apr 30, 2:17AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Monday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Monday there were 3676 companies with "abnormal" market making, 3628 companies with positive Friction Factors and 1763 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage gain per share Monday and low price friction (bullish). This means that there was more buying than selling in the stocks and their stock prices rose faster with less Friction. FX Energy, Inc. (NASDAQ:FXEN), First Security Group Inc (NASDAQ:FSGI), L & L Energy Inc (NASDAQ:LLEN), China Recycling Energy Corp (NASDAQ:CREG), SemiLEDs Corp (NASDAQ:LEDS), Clearsign Combustion Corp (NASDAQ:CLIR). To access Friction Factor, Naked Short Data and SqueezeTr
WEALTHMAKERS.COM Issues Bullish Research Reports on FSGI, GFF, IPAS, LH, LPSN, OABC
M2 - Fri Apr 26, 3:02AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: First Security Group Inc (NASDAQ:FSGI), Griffon Corp (NYSE:GFF), iPass Inc (NASDAQ:IPAS), Laboratory Corporation of America Holdings (NYSE:LH), Liveperson Inc (NASDAQ:LPSN), Omniamerican Bancorp Inc (NASDAQ:OABC)
First Security Group, Inc. Completes Strategic Recapitalization
Business Wire - Fri Apr 12, 3:30PM CDT
First Security Group, Inc. (NASDAQ: FSGI) (the "Company" or "First Security"), the bank holding company for FSGBank, N.A. ("FSGBank"), announced today that it completed its previously announced recapitalization (the "Recapitalization"), including the restructuring of its TARP CPP preferred stock. On April 11, 2013, the Company issued approximately 9.9 million shares of the Company's common stock to the U.S. Treasury (the "Treasury") for full satisfaction of the Treasury's TARP CPP investment in the Company. The Treasury immediately sold the common stock to institutional and other accredited investors previously identified by the Company at $1.50 per share. On April 12, 2013, the Company issued an additional approximately 50.8 million shares of common stock at $1.50 per share to institutional and other accredited investors. In aggregate, investors purchased 60,735,000 shares for $91.1 million. The Recapitalization was
Market Maker Surveillance Report. ENMD, TWI, HSII, FSGI, VRTB, VSI, Losing Stocks With Lowest Price Friction For Tuesday, February 26th 2013
M2 - Wed Feb 27, 2:38AM CST
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Tuesday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Tuesday there were 4094 companies with "abnormal" market making, 2796 companies with positive Friction Factors and 2447 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage loss per share Tuesday and low price friction (bearish). This means that there was more selling than buying in the stocks and their stock prices dropped faster with less Friction. Entremed Inc (NASDAQ:ENMD), Titan International Inc (NYSE:TWI), Heidrick And Struggles International Inc (NASDAQ:HSII), First Security Group Inc (NASDAQ:FSGI), Vestin Realty Mortgage II Inc (NASDAQ:VRTB), VendTek Systems Inc (NYSE:VSI). To access Friction Factor, Nak
First Security Group, Inc. Announces Strategic Recapitalization
Business Wire - Tue Feb 26, 7:59AM CST
First Security Group, Inc. (NASDAQ: FSGI) (the "Company" or "First Security"), the bank holding company for its wholly-owned subsidiary FSGBank, N.A. ("FSGBank"), announced today that it has entered into definitive stock purchase agreements with institutional investors as part of an approximate $90 million recapitalization (the "Recapitalization"). Four investors will lead the Recapitalization, which also includes a conversion of the Company's TARP CPP Preferred Stock to common stock and sale of under- and non-performing loans. The lead investors will each invest approximately $9 million to acquire pro-forma ownership of approximately 9.9% of the total outstanding common stock, respectively. The Recapitalization is priced at $1.50 per share and was unanimously approved by the Company's board of directors.
FSGBank declares termination of Consent Order from OCC
M2 - Wed Mar 12, 7:17AM CDT
The wholly-owned subsidiary of UAE-based First Security Group Inc (NASDAQ:FSGI), FSGBank NA (the bank) disclosed on Tuesday that the Office of the Comptroller of the Currency (the OCC) provided it with a written notification of the termination of the Consent Order.
FSGBank Announces Lifting of Regulatory Enforcement Action
Business Wire - Tue Mar 11, 4:01PM CDT
FSGBank, N.A. ("FSGBank" or the "Bank") today reported that the Office of the Comptroller of the Currency (the "OCC") provided written notification of the termination of the Consent Order with FSGBank, the wholly-owned subsidiary bank of First Security Group, Inc. (NASDAQ: FSGI) ("First Security").
First Security Group Announces 2013 Earnings
Business Wire - Tue Feb 25, 7:31AM CST
First Security Group, Inc. (NASDAQ:FSGI) ("First Security" or "FSG") today reported net income available to common shareholders for 2013 of $11.4 million, as compared to a loss of $39.6 million for 2012. For the fourth quarter of 2013, First Security reported a net loss allocated to common shareholders of $646 thousand, as compared to a $1.4 million loss in the third quarter of 2013 and a $16.1 million loss for the fourth quarter of 2012.
First Security Group Announces Knoxville, Tennessee Market Additions
Business Wire - Fri Feb 07, 5:00AM CST
FSGBank, National Association, ("FSGBank"), the wholly-owned community bank subsidiary of First Security Group, Inc. (NASDAQ: FSGI), announced Robert Baird as Senior Vice President - Market Executive for the Knoxville, Jefferson City and Cookeville, Tennessee markets. FSGBank also announced the establishment of a dedicated investor commercial real estate ("iCRE") position. David Haynes, who previously served as the Knoxville Market Executive, has assumed the new role with enhanced responsibility of iCRE throughout all FSGBank markets.
First Security Group Announces Third Quarter Results
Business Wire - Thu Nov 14, 5:00AM CST
First Security Group, Inc. (NASDAQ: FSGI) today reported a net loss allocated to common shareholders of $1.4 million, or $0.02 per basic and diluted share, for the third quarter of 2013 as compared to a loss of $9.4 million, or $5.79 per basic and diluted share, for the same period in 2012. For the nine months ended September 30, 2013, First Security reported net income available to common shareholders of $12.0 million, or $0.30 per basic and diluted share, as compared to a $23.5 million loss, of $14.54 per basic and diluted share, for the same period in 2012.
FSGBank Launches Tablet Banking App for iPad and Android Devices
Business Wire - Fri Nov 01, 6:00AM CDT
FSGBank, N.A., the wholly-owned subsidiary of First Security Group, Inc. (NASDAQ: FSGI), ("FSG" or "FSGBank") announced today the launch of an all new mobile banking app optimized specifically for the tablet, including iPad and Android devices, to improve accessibility for account holders. FSGBank is a community bank servicing Tennessee and North Georgia. FSG's free mobile banking app complements the bank's online, text, and phone banking offerings and is the first step in a growing trend to offer more end-to-end products and services through the mobile channel. The new app allows customers to:
WEALTHMAKERS.COM Issues Bullish Research Reports on CTXS, CVE, CZNC, FSGI, HRG, LLEN
M2 - Mon Jul 01, 10:37AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: Citrix Systems Inc (NASDAQ:CTXS), Cenovus Energy Inc (NYSE:CVE), CITIZENS & NORTHERN CORPORATION (NASDAQ:CZNC), First Security Group Inc (NASDAQ:FSGI), High River Gold Mines Ltd (NYSE:HRG), L & L Energy Inc (NASDAQ:LLEN)
WEALTHMAKERS.COM Issues Bullish Research Reports on FSGI, INTU, TEX, URG
M2 - Thu Jun 13, 10:38AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: First Security Group Inc (NASDAQ:FSGI), Intuit Inc (NASDAQ:INTU), TEREX CORPORATION (NYSE:TEX), UR-ENERGY INC (AMEX:URG)
Market Maker Surveillance Report. TIVO, PAY, S, INTC, ZQK, FSGI, Bearishly Biased Price Friction For Friday, June 7th 2013
M2 - Mon Jun 10, 8:31AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Friday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Friday there were 3872 companies with "abnormal" market making, 3378 companies with positive Friction Factors and 1979 companies with negative Friction Factors. Here is a list of the top companies with Abnormal Price Friction (bearish bias) in their stock prices. This means that there was more buying than selling in the stocks and their stock prices dropped. TIVO INCORPORATED (NASDAQ:TIVO), VeriFone Systems Inc (NYSE
AY), Sprint Nextel Corp (NYSE:S), INTEL CORPORATION (NASDAQ:INTC), QUIKSILVER, INC. (NYSE:ZQK), First Security Group Inc (NASDAQ:FSGI). To access Friction Factor, Naked Short Data and SqueezeTrigger Prices on all stocks please visit http://www.buyins.n WEALTHMAKERS.COM Issues Bullish Research Reports on CPL, EMCF, EXAR, FGP, FISV, FSGI
M2 - Fri Jun 07, 10:33AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: Cpfl Energia SA (NYSE:CPL), Emclaire Financial Corp (NASDAQ:EMCF), Exar Corp (NASDAQ:EXAR), Ferrellgas Partners LP (NYSE:FGP), Fiserv Inc (NASDAQ:FISV), First Security Group Inc (NASDAQ:FSGI)
First Security declares effectiveness of registration statement filed with US SEC for sale of 60.7m common stock
M2 - Fri Jun 07, 4:34AM CDT
First Security Group Inc (NASDAQ:FSGI), the parent company of FSGBank NA, stated on Thursday that its registration statement on Form S-1 filed the same day with the US Securities and Exchange Commission (US SEC), was declared effective and accordingly, certain selling shareholders can now resell up to 60,735,000 shares of its common stock.
Market Maker Surveillance Report. ABFS, MBI, FSGI, YRCW, MNGA, BORN, Winning Stocks With Lowest Price Friction For Monday, May 6th 2013
M2 - Tue May 07, 2:54AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Monday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Monday there were 3810 companies with "abnormal" market making, 2953 companies with positive Friction Factors and 2357 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage gain per share Monday and low price friction (bullish). This means that there was more buying than selling in the stocks and their stock prices rose faster with less Friction. Arkansas Best Corp (NASDAQ:ABFS), MBIA Inc (NYSE:MBI), First Security Group Inc (NASDAQ:FSGI), YRC Worldwide Inc (NASDAQ:YRCW), MAGNEGAS CORP (OTCBB:MNGA), China New Borun Corp (NYSE:BORN). To access Friction Factor, Naked Short Data and SqueezeTrigger Prices on all stocks
Market Maker Surveillance Report. FXEN, FSGI, LLEN, CREG, LEDS, CLIR, Winning Stocks With Lowest Price Friction For Monday, April 29th 2013
M2 - Tue Apr 30, 2:17AM CDT
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Monday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Monday there were 3676 companies with "abnormal" market making, 3628 companies with positive Friction Factors and 1763 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage gain per share Monday and low price friction (bullish). This means that there was more buying than selling in the stocks and their stock prices rose faster with less Friction. FX Energy, Inc. (NASDAQ:FXEN), First Security Group Inc (NASDAQ:FSGI), L & L Energy Inc (NASDAQ:LLEN), China Recycling Energy Corp (NASDAQ:CREG), SemiLEDs Corp (NASDAQ:LEDS), Clearsign Combustion Corp (NASDAQ:CLIR). To access Friction Factor, Naked Short Data and SqueezeTr
WEALTHMAKERS.COM Issues Bullish Research Reports on FSGI, GFF, IPAS, LH, LPSN, OABC
M2 - Fri Apr 26, 3:02AM CDT
WEALTHMAKERS.COM / www.wealthmakers.com , a Wall Street research and trading firm providing unbiased statistical stock market predictions to empower investors, securities professionals and public company employees to make precise, predictive and profitable trading decisions, has issued new research reports today on the following stocks: First Security Group Inc (NASDAQ:FSGI), Griffon Corp (NYSE:GFF), iPass Inc (NASDAQ:IPAS), Laboratory Corporation of America Holdings (NYSE:LH), Liveperson Inc (NASDAQ:LPSN), Omniamerican Bancorp Inc (NASDAQ:OABC)
First Security Group, Inc. Completes Strategic Recapitalization
Business Wire - Fri Apr 12, 3:30PM CDT
First Security Group, Inc. (NASDAQ: FSGI) (the "Company" or "First Security"), the bank holding company for FSGBank, N.A. ("FSGBank"), announced today that it completed its previously announced recapitalization (the "Recapitalization"), including the restructuring of its TARP CPP preferred stock. On April 11, 2013, the Company issued approximately 9.9 million shares of the Company's common stock to the U.S. Treasury (the "Treasury") for full satisfaction of the Treasury's TARP CPP investment in the Company. The Treasury immediately sold the common stock to institutional and other accredited investors previously identified by the Company at $1.50 per share. On April 12, 2013, the Company issued an additional approximately 50.8 million shares of common stock at $1.50 per share to institutional and other accredited investors. In aggregate, investors purchased 60,735,000 shares for $91.1 million. The Recapitalization was
Market Maker Surveillance Report. ENMD, TWI, HSII, FSGI, VRTB, VSI, Losing Stocks With Lowest Price Friction For Tuesday, February 26th 2013
M2 - Wed Feb 27, 2:38AM CST
BUYINS.NET / www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for Tuesday. Since October 2008 market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This Fair Market Making Requirement is designed to prevent market makers from manipulating stock prices. On Tuesday there were 4094 companies with "abnormal" market making, 2796 companies with positive Friction Factors and 2447 companies with negative Friction Factors. Here is a list of the top companies with the largest percentage loss per share Tuesday and low price friction (bearish). This means that there was more selling than buying in the stocks and their stock prices dropped faster with less Friction. Entremed Inc (NASDAQ:ENMD), Titan International Inc (NYSE:TWI), Heidrick And Struggles International Inc (NASDAQ:HSII), First Security Group Inc (NASDAQ:FSGI), Vestin Realty Mortgage II Inc (NASDAQ:VRTB), VendTek Systems Inc (NYSE:VSI). To access Friction Factor, Nak
First Security Group, Inc. Announces Strategic Recapitalization
Business Wire - Tue Feb 26, 7:59AM CST
First Security Group, Inc. (NASDAQ: FSGI) (the "Company" or "First Security"), the bank holding company for its wholly-owned subsidiary FSGBank, N.A. ("FSGBank"), announced today that it has entered into definitive stock purchase agreements with institutional investors as part of an approximate $90 million recapitalization (the "Recapitalization"). Four investors will lead the Recapitalization, which also includes a conversion of the Company's TARP CPP Preferred Stock to common stock and sale of under- and non-performing loans. The lead investors will each invest approximately $9 million to acquire pro-forma ownership of approximately 9.9% of the total outstanding common stock, respectively. The Recapitalization is priced at $1.50 per share and was unanimously approved by the Company's board of directors.
