Financial services veteran Michael Kramer has been named chief executive officer and director of First Security Group, Inc. (NASDAQ: FSGI). As previously announced on December 6, 2011, Mr. Kramer was appointed as chief executive officer of FSGBank, N.A., the wholly-owned community-bank subsidiary of First Security. FSGBank is a $1.1 billion bank based in Chattanooga, Tennessee with 31 full-service offices in eastern and middle Tennessee and northern Georgia.
“Certainly 2011 has been a year of change and transition for FSG,” said First Security Group Lead Director Carol H. Jackson. “With this appointment, Mike can now lead the company in all aspects. As a shareholder of FSG, I consider today an exciting day as we can focus our complete attention on creating a successful, profitable community bank.”
Mr. 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.
For the past decade he has focused on operational and credit turnarounds in super-community and community banks, and has worked extensively with regulatory agencies including the Federal Reserve Bank and Office of the Comptroller of the Currency.
Mr. Kramer succeeds Roger Holley, who resigned as CEO in April 2011. Mr. Kramer will also serve as President of First Security and FSGBank as well as a director of FSGBank, subject to regulatory non-objections.
“Every day, I become more energized about the opportunity to create a special and unique community bank for our customers, employees and shareholders. With the combination of strong existing and select new employee talent, we will provide superior service to our customers as well as be active within our communities,” Mr. Kramer said. “We look forward to 2012 and creating the next chapter for FSGBank.”