SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2008.
FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| Louisiana | 000-52748 | 26-0513559 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
| incorporation or organization) | | Identification Number) |
| | |
| 400 East Thomas Street | |
| Hammond, Louisiana | 70401 |
| (Address of principal executive office) | (Zip Code) |
| | |
| (985) 345-7685 |
| (Registrant’s telephone number, including area code) |
| |
| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Item 2.04 – Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On August 8, 2008, the Company redeemed $3.1 million in junior subordinated debentures. These debentures were issued by the Homestead Bancorp Trust I, a statutory trust, in August 2003 for a 30 year period, callable after 5 years, at a rate of LIBOR plus 300 basis points. In 2007, the Company assumed the $3.1 million in subordinated debentures in the Homestead Bancorp, Inc. acquisition. The Company repaid the debt with $1.0 million in cash and borrowed the remaining amount by drawing on its line of credit at prime less 100 basis points. The Company anticipates repaying the debt on its line of credit by December 31, 2008.
Certain statements contained in this report, including without limitation statements including the words “believes,” “anticipates,” “intends,” “expects” or words of similar import, constitute “forward-looking statements” within the meaning of federal securities law. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Bank to be materially different from any future results, performance or achievements of the Bank expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in the report. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | |
| | | | | FIRST GUARANTY BANCSHARES, INC. |
| | | | | (Registrant) |
| | | | |
| Date: August 14, 2008 | | | | By: | | /s/ Michele E. LoBianco |
| | | | | | | Michele E. LoBianco |
| | | | | | | Secretary and Treasurer (Principal Financial Officer) |
