secwatch.observer — SEC 8-K summary
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Issuer:     First Guaranty Bancshares, Inc. (FGBI)
CIK:        0001408534
Form:       8-K
Filed at:   2023-10-12T23:59:59+00:00
Accession:  0001408534-23-000081
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/0001408534-23-000081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1408534/000140853423000081/fgbi-20231005.htm
  HTML page:      https://secwatch.observer/filing/0001408534-23-000081

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