Two months after it named a new chief executive, First Security Group Inc. has hired three executives, promoted another and added a management consultant to its board.
The $1.1 billion-asset company in Chattanooga, Tenn., appointed Chris Tietz as chief credit officer, Martin Schrodt as retail banking officer and Bart Rolen as director of wealth management and trust. Tietz was previously with First Place Bank of Warren, Ohio; Schrodt joins from Regions Financial Corp.; and Rolen had been with SunTrust Banks Inc.
Additionally, Denise Cobb was promoted to the new position of chief administrative officer. She had been chief risk officer. Finally, Bob Lane, a management consultant from Columbus, Ohio, was named to the board.
The moves come two months after First Security hired Michael Kramer from Louisville, Ky. private equity firm Ridley Capital Group to be its president and chief executive. Kramer replaced Gene Coffman, who had served as interim CEO since April, when bank co-founder Roger Holley resigned. Kramer was not available for comment.
First Security has been operating since September 2010 under a written agreement from regulators, which calls for the bank to submit a plan for bolstering capital. It hired Triumph Investment Managers LLC in May to develop a capital plan; in September of last year, First Security conducted a 1-for-10 reverse stock split.
First Security has reported multiple consecutive quarters of losses and still owes $33 million to the Troubled Asset Relief Program. First Security operates FSGBank in eastern and central Tennessee and northern Georgia.