Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 2

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1
Chunk 2
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. Reynolds, our Chairman, invested $3.6 million in First Guaranty Bank as part of a recapitalization plan with the objective of building a community-focused commercial bank in our Louisiana markets. Since the implementation of that recapitalization plan, we have grown from six branches and $159 million in assets at the end of 1993 to 35 locations currently and $4.0 billion in assets at December 31, 2024. We have also paid a quarterly dividend on our common stock for 126 consecutive quarters as of December 31, 2024. On July 27, 2007, we formed First Guaranty Bancshares and completed a one-for-one share exchange that resulted in First Guaranty Bank becoming the wholly-owned subsidiary of First Guaranty Bancshares (the "Share Exchange") and First Guaranty Bancshares becoming an SEC reporting public company. In November 2015, First Guaranty completed a public stock offering selling 626,560 shares and raising $9.3 million in net proceeds. In connection with the completion of the stock offering, First Guaranty's common shares began trading on the Nasdaq Global Market. 

In 2021 we issued $34.5 million of preferred stock and depositary shares that trades on the Nasdaq Global Market.

In 2023 we issued $20.0 million of common stock through two separate private placements.  

Since our Share Exchange, we have supplemented our organic growth with four acquisitions, which added stable deposits that provided funding for our lending business and extended our geographic footprint in the Baton Rouge, Hammond, Alexandria, Dallas-Fort Worth-Arlington, and Waco MSAs.

The following table summarizes the four acquisitions:

Acquired Institution/MarketDate of AcquisitionDeal Value(dollars in thousands)Fair Value ofTotal Assets Acquired(dollars in thousands)Union Bancshares, IncorporatedNovember 7, 2019$43,383 $275,159 Alexandria MSAPremier Bancshares, Inc.June 16, 2017$20,954 $158,313 Dallas-Fort Worth-Arlington and Waco MSAGreensburg Bancshares, Inc.July 1, 2011$5,308 $89,386 Baton Rouge MSAHomestead Bancorp, Inc.July 30, 2007$12,140 $129,606 Hammond MSA

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