First Guaranty delays public sale of shares due to market conditions

Deal to have sold 4,571,428 shares between $19.00 and $21.00 per share

By Devika Patel

Knoxville, Tenn., Dec. 19 – First Guaranty Bancshares, Inc. said it has postponed its public offering of common stock, citing unfavorable market conditions. The deal was announced Oct. 24.

The company had planned to sell 4,571,428 common shares in its public offering, of which 1 million shares were to have been sold by selling shareholders. The deal was to have a greenshoe of 685,714 shares, and the shares would have been sold at a price expected to fall between $19.00 and $21.00 per share.

Raymond James & Associates Inc. was the lead bookrunning manager. Keefe, Bruyette & Woods and Sterne, Agee & Leach, Inc. were the co-managers.

The bank holding company is based in Hammond, La.

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