Mr. Larry D. Mauldin was appointed as Director and Chairman to the Board of Directors of First Security Group, Inc. (NASDAQ: FSGI) effective April 16, 2012. In addition, Mr. Mauldin is expected to be appointed to serve on the Board of Directors of FSGBank and as Chairman of FSGBank's Board, subject to the completion of the regulatory application process. Mr. Mauldin completed a 40-year banking career by retiring in March 2007 as Chairman, President and CEO of SunTrust Bank of East Tennessee, N.A., a subsidiary of SunTrust Banks, Inc., in Knoxville, Tennessee. Mr. Mauldin is currently the Chairman of the Board of Covenant Health in Knoxville, TN, a nonprofit corporation that is the parent company for an eight hospital health care system, and Project GRAD, also in Knoxville, TN, a nonprofit corporation that works closely with the Knox County public school district to help improve academic success for over 7,500 children in 14 schools located in the heart of Knoxville.
“Larry has deep roots in East Tennessee along with a storied career with SunTrust that will assist us as we continue to develop FSGBank,” said First Security CEO and President Michael Kramer. “The addition of Larry supports a cornerstone belief of our new corporate culture: accountability. For the first time, the CEO and Chairman roles have been separated, which we believe to be the most effective leadership structure at this time to continue the transformation of our culture.”
“It is my honor and privilege to welcome Larry to the Board,” said Carol Jackson, Director of First Security. “Over the past year, steady but significant progress has been achieved in securing the right talent at all levels of the organization. The impact of a chairman with Larry's experience and in-market presence cannot be understated. Instituting a non-executive Chairman will also provide a direct line of accountability for Mike and our management team, allowing them to focus on the Company's strategic direction and day-to-day operations, while allowing the Chairman to lead the Board in its fundamental role of providing advice to, and independent oversight of, management.”