secwatch.observer — SEC 8-K summary
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Issuer:     First Guaranty Bancshares, Inc. (FGBI)
CIK:        0001408534
Form:       8-K
Filed at:   2024-07-01T23:59:59+00:00
Accession:  0001408534-24-000060
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Guaranty Bancshares sells three bank branches for $15M in sale-leaseback with related parties
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- Sold three Louisiana properties to FGB Partners (owned by three directors/Chairman) for $15M cash.
- Bank entered 15-year absolute net leases; no branches closing or market exits.
- Transaction yields pre-tax gain of $13.2M ($10.4M after tax).
- First full-year rent expense estimated at $1.3M pre-tax ($1.0M after tax).
- Leases include 5-year CPI rent adjustments with 3% floor and standard net lease obligations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1408534/000140853424000060/0001408534-24-000060-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1408534/000140853424000060/fgbi-20240628.htm
  HTML page:      https://secwatch.observer/filing/0001408534-24-000060

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