Louisiana banker First Guaranty Bancshares (FGBI) has announced a new issue of fixed rate, non-cumulative, perpetual preferred stock.
All the terms of this new issue look typical for a bank–early redemption available to the company in 2026 etc.
The banker is a very small bank with just $2.5 billion in assets and I know little about them so will be doing some reading prior to this one coming to market tomorrow (assuming pricing tonight and OTC grey market trading).
The preliminary prospectus can be read here.
EarlyBird was early on this one.
Is there a cusip or temp ticker on this that anyone’s aware of?
Priced at 6.75%.
Expected ticker FGBIP.
https://finance.yahoo.com/news/first-guaranty-bancshares-inc-announces-144600981.html
Are the small banks playing Follow the Leader? A few of them issued preferred stock, now everybody wants one.