---
schema_version: "secwatch.filing_event.v1"
accession: "0001408534-24-000025"
form_type: "8-K"
ticker: "FGBI"
cik: "0001408534"
company_name: "First Guaranty Bancshares, Inc."
filed_at: "2024-04-03T23:59:59+00:00"
generated_at: "2026-06-04T02:48:08.587355+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# FGBI issues $30M subordinated note to director-affiliated purchaser

## Summary
- $30M subordinated note issued to Smith & Tate Investment, L.L.C., controlled by director Edgar Ray Smith III.
- Floating rate at Prime + 75 bps; ten-year term maturing March 28, 2034.
- Note is unsecured, subordinated, and qualifies as Tier 2 capital for regulatory purposes.
- Proceeds to repay existing debt, support Bank capital needs, and for general corporate purposes.

## SEC filing metadata
- accession: 0001408534-24-000025
- form_type: 8-K
- ticker: FGBI
- cik: 0001408534
- company_name: First Guaranty Bancshares, Inc.
- filed_at: 2024-04-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/fgbi-20240328.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001408534-24-000025
- JSON: https://secwatch.observer/filing/0001408534-24-000025.json
- Plain text: https://secwatch.observer/filing/0001408534-24-000025.txt

## Key facts
- Debt Financings
  First Guaranty Bancshares, Inc. incurred senior notes of $30.0 million with Smith & Tate Investment, L.L.C. at Prime Rate plus 75 basis points maturing March 28, 2034.
  - Instrument: senior notes
  - Principal: $30.0 million
  - Counterparty: Smith & Tate Investment, L.L.C.
  - Rate: Prime Rate plus 75 basis points
  - Maturity: March 28, 2034
  - Event: incurrence
  source text: On March 28, 2024, First Guaranty Bancshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Agreement”) with Smith & Tate Investment, L.L.C. (the "Purchaser"), a company controlled by Edgar Ray Smith III, a director of the Company. The Company issued a $30.0 million subordinated note (the “Note”) to the Purchaser in a private placement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm
- Material Agreements
  First Guaranty Bancshares, Inc. entered into Subordinated Note Purchase Agreement with Smith & Tate Investment, L.L.C. valued at $30.0 million (effective 2024-03-28).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Smith & Tate Investment, L.L.C.
  - Value: $30.0 million
  - Effective: 2024-03-28
  source text: On March 28, 2024, First Guaranty Bancshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Agreement”) with Smith & Tate Investment, L.L.C. (the "Purchaser"), a company controlled by Edgar Ray Smith III, a director of the Company. The Company issued a $30.0 million subordinated note (the “Note”) to the Purchaser in a private placement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm

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