Price’s new buy comes just in time to catch the wave of anticipated growth from First Security’s recapitalization completed several days ago. The company’s strategic recapitalization includes new capital, TARP CPP restructuring and the sale of non-performing loans. To improve its risk profile and enhance profitability, First Security Group injected approximately $65 million into its subsidiary FSGBank to improve regulatory capital ratios and to support future growth, according to the company.
First Security Group’s community bank subsidiary, FSGBank, has 30 full-service banks in Tennessee and north Georgia. FSGBank provides retail and commercial banking services, trust and investment management, mortgage banking, financial planning and Internet banking services. The company was founded in 1999.
Guru Michael F. Price is the 271st richest person in the world, according to Forbes. A renowned money manager, Price learned finance as a $200-a-week research assistant under Max Heine. Price manages the private firm, MFP Investors, with $1.6 billion under management, much of it his own money. In an update from April 15, 2013, the portfolio of MFP Investors LLC has 101 stocks (11 of them new) valued at $705 million, with a quarter-over-quarter turnover of 10%.
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