---
schema_version: "secwatch.filing_event.v1"
accession: "0001408534-23-000081"
form_type: "8-K"
ticker: "FGBI"
cik: "0001408534"
company_name: "First Guaranty Bancshares, Inc."
filed_at: "2023-10-12T23:59:59+00:00"
generated_at: "2026-06-10T00:37:58.238486+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# FGBI enters $61.3M loan agreement with Summit Community Bank, refinances existing debt

## Summary
- Term loan of $40.3M at Prime minus 0.50% (floor 4.49%), amortized over 40 quarters, matures Oct 5, 2033.
- Revolving line of credit up to $21M at Prime rate (floor 4.49%), interest-only monthly, matures Oct 5, 2024, unless renewed.
- Proceeds used to repay all outstanding debt with First Horizon Bank and to inject capital into subsidiary First Guaranty Bank.
- Loans secured by approximately 86.77% of First Guaranty Bank common stock under a Stock Pledge Agreement.
- Covenants require borrower and bank to maintain specified capital ratios; standard events of default apply.

## SEC filing metadata
- accession: 0001408534-23-000081
- form_type: 8-K
- ticker: FGBI
- cik: 0001408534
- company_name: First Guaranty Bancshares, Inc.
- filed_at: 2023-10-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/0001408534-23-000081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/fgbi-20231005.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001408534-23-000081
- JSON: https://secwatch.observer/filing/0001408534-23-000081.json
- Plain text: https://secwatch.observer/filing/0001408534-23-000081.txt

## Key facts
- Debt Financings
  First Guaranty Bancshares, Inc. incurred credit facility of Term Loan of $40.3 million and revolving Line of Credit of up to $21.0 million with Summit Community Bank, Inc. at Term Loan: Prime Index Rate (Wall Street Journal) minus 0.50% per annum, reset q maturing Term Loan matures October 5, 2033; Line of Credit matures October 5, 2024.
  - Instrument: credit facility
  - Principal: Term Loan of $40.3 million and revolving Line of Credit of up to $21.0 million
  - Counterparty: Summit Community Bank, Inc.
  - Rate: Term Loan: Prime Index Rate (Wall Street Journal) minus 0.50% per annum, reset q
  - Maturity: Term Loan matures October 5, 2033; Line of Credit matures October 5, 2024
  - Event: incurrence
  source text: On October 5, 2023, First Guaranty Bancshares, Inc. (the “Company”) entered into a Loan Agreement (the “Loan Agreement”) with Summit Community Bank, Inc. (“Lender”) pursuant to which Lender will make (i) a term loan in the principal amount of $40.3 million (the “Term Loan”), and (ii) a revolving line of credit in the maximum principal amount of up to $21.0 million (the “Line of Credit,” and, together with the Term Loan, the “Loans”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/0001408534-23-000081-index.htm
- Material Agreements
  First Guaranty Bancshares, Inc. entered into Loan Agreement with Summit Community Bank, Inc. valued at $40.3 million (effective 2023-10-05).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Summit Community Bank, Inc.
  - Value: $40.3 million
  - Effective: 2023-10-05
  source text: On October 5, 2023, First Guaranty Bancshares, Inc. (the “Company”) entered into a Loan Agreement (the “Loan Agreement”) with Summit Community Bank, Inc. (“Lender”) pursuant to which Lender will make (i) a term loan in the principal amount of $40.3 million (the “Term Loan”), and (ii) a revolving line of credit in the maximum principal amount of up to $21.0 million (the “Line of Credit,” and, together with the Term Loan, the “Loans”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/0001408534-23-000081-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.