First Guaranty Bancshares : and Lone Star Bank Mutually Agree to Terminate Merger Agreement as Market Conditions Have Changed since January 6, 2023 - Form 8-K
July 10, 2023 at 04:32 pm EDT
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First Guaranty Bancshares, Inc. and Lone Star Bank Mutually Agree to Terminate Merger Agreement as Market Conditions Have Changed since January 6, 2023
Hammond, Louisiana, July 10, 2023 - First Guaranty Bancshares, Inc. (Nasdaq: FGBI) ("First Guaranty") and Lone Star Bank ("Lone Star") today announced that they have entered into a mutual agreement to terminate their merger agreement of January 6, 2023, originally announced on January 9, 2023.
The termination was approved by the Boards of Directors of both companies.
In a joint statement, Alton B. Lewis, Vice Chairman, President and Chief Executive Officer of First Guaranty, and Dennis Harrington, President and Chief Executive Officer of Lone Star, said, "After careful consideration, we mutually concluded it was not prudent to continue to pursue the combination of our companies. We are confident this is the right decision for our shareholders, our customers, and our employees. This decision will allow each of First Guaranty and Lone Star to dedicate resources and focus on our individual growth strategies in the currently challenging banking industry environment. We thank each other and our respective institutions for having a cooperative working relationship over the last several months and wish each other continued success in the future."
Additional details regarding the termination agreement will be set forth in a Current Report on Form 8-K to be filed by First Guaranty with the Securities and Exchange Commission on July 10, 2023.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.
First Guaranty Bancshares Inc. published this content on 10 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 July 2023 20:31:30 UTC.
First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank (the Bank). The Bank offers a range of financial services and focuses on building client relationships and providing customer service. The Bank operates about 36 locations throughout Louisiana, Texas, Kentucky, and West Virginia. The Banks principal business consists of attracting deposits from the general public and local municipalities in its market areas and then investing those deposits. The Bank also generates funds from operations, borrowings in lending and investing in securities. The Bank serves the credit needs of its customer base, including commercial real estate loans, commercial and industrial loans, commercial leases, and others. The Bank offers a variety of deposit accounts to consumers, small businesses, and municipalities, including personal and business checking and savings accounts, time deposits and money market accounts. In addition, the Bank offers a range of consumer services.
First Guaranty Bancshares : and Lone Star Bank Mutually Agree to Terminate Merger Agreement as Market Conditions Have Changed since January 6, 2023 - Form 8-K