Bookrunner Sandler O’Neill assists in selling 600,000 common shares
By Devika Patel
Knoxville, Tenn., Nov. 5 – First Guaranty Bancshares, Inc. said it priced an $11.1 million public sale of stock with a $1.67 million greenshoe. The offering was announced Oct. 19.
The company will sell 600,000 common shares at $18.50 per share. The price per share reflects a 10.63% discount to the Nov. 4 closing share price of $20.70.
Sandler O’Neill + Partners, LP is the bookrunner.
Proceeds will be used for loan portfolio growth, potential acquisitions, other general corporate purposes or to redeem some of the company’s preferred stock held by the Department of the Treasury.
The bank holding company is based in Hammond, La. Proceeds will be used to support the bank's growth.
| Issuer: | First Guaranty Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $11.1 million
|
| Greenshoe: | $1,665,000, or 90,000 shares
|
| Shares: | 600,000
|
| Price: | $18.50
|
| Warrants: | No
|
| Bookrunner: | Sandler O’Neill + Partners, LP
|
| Announcement date: | Oct. 19
|
| Pricing date: | Nov. 5
|
| Stock symbol: | OTCBB: FGBI
|
| Stock price: | $20.70 at close Nov. 4
|
| Market capitalization: | $113.09 million
|
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