First Security Group, Inc. (NASDAQ: FSGI) announced today that the Company has entered into an agreement for strategic advisory services with Triumph Investment Managers, LLC (“Triumph”) and has invited Robert P. “Bob” Keller and John J. “Jack” Clarke Jr., the Managing Directors of Triumph, to join the First Security Board of Directors.
First Security and Triumph have partnered to explore avenues for the creation and restoration of shareholder value through the realignment of the organizational structure and the installation of a philosophy that provides for greater accountability. Triumph will also work with First Security to refine and further develop a comprehensive business plan centered on relationship banking with the goal of creating a profitable, diversified and core-funded community banking franchise.
“We look forward to a close working relationship with Triumph,” said Ralph E. “Gene” Coffman Jr., President and Interim Chairman and Chief Executive Officer of First Security. “We are confident that the relationship will be beneficial to our shareholders and customers as FSG continues to implement its business plan to support economic development in our region. Bob and Jack will also provide strong leadership and experience to our Board.”
The Triumph team of Bob Keller and Jack Clarke are responsible for Triumph’s overall management of operations. Combining for over 60 years of experience in investment and bank activity, Keller and Clarke have compiled a long track record of creating shareholder value.Keller, 73, serves in leadership board positions with two financial institutions (Chairman of Security Business Bancorp, a community bank based in San Diego, California; and Chairman of First State Bank, a community bank based in Cranford, New Jersey) and as a Director and Chairman of the Audit Committee for Pennichuck Corp, a publicly traded water utility holding company in Nashua, New Hampshire. Prior to co-founding Triumph, Keller served as the President and Chief Executive Officer of three financial institutions, all of which were in excess of $1 billion in assets prior to their sale.