Company: FGBI
Filing Date: 2025-06-09
Form Type: 8-K
Source: 0001408534-25-000045
Chunk: 1

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-06-09
Form: 8-K
Item: Item 1.01
Chunk 1
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 be rounded down to the nearest whole share.

The foregoing description of the Promissory Note Amendment does not purport to be complete and is qualified in its entirety by reference to the Promissory Note Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

First Amendment to the Floating Rate Subordinated Note due March 28, 2034

On June 4, 2025, First Guaranty entered into the First Amendment to the First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034 (the “ Subordinated Note Amendment”) with Smith & Tate, which amended that certain First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034 (the “ Subordinated Note”). As noted above, Smith & Tate is controlled by Edgar Ray Smith, III, a director and principal shareholder of the Company.

The Subordinated Note is for a ten-year term and bears interest at a floating rate based on the Prime Rate as reported by the Wall Street Journal plus 75 basis points for the period of time until redemption or maturity. Prior to the Subordinated Note Amendment, interest on the Subordinated Note was payable monthly.

The terms of the Subordinated Note Amendment provide for the payment of quarterly interest on March 31, June 30, September 30, and December 31 of each year. Beginning on the June 30, 2025, interest payment date and ending on the March 31, 2026, interest payment date, payments of interest will be made, at First Guaranty’s option, either (a) in cash, as provided for in the Subordinated Note, or (b) in shares of Common Stock, with the number of shares of Common Stock to constitute each such interest payment equaling (i) the cash payment due as of such interest payment date based on the then-applicable interest rate as provided in the Subordinated Note; divided by (ii) the consolidated closing bid price per share of the Common Stock on the trading day immediately preceding the interest payment date. The number of shares of Common Stock to be issued will be rounded down to the nearest whole share.

The foregoing description of the Subordinated Note Amendment does not purport to be complete and is qualified in its entirety by reference to the Subordinated Note Amendment, which is attached as Exhibit 10.2 to this Current Report on Form 8-K.

  Item 9.01        Financial Statements