Defendant Name: First Guaranty Bancshares, Inc.

Defendant Type: Public Company

Document Reference: 34-97631-s

Document Details

Legal Case Name In the Matter of First Guaranty Bancshares, Inc.
Document Name SEC Charges Publicly-Traded Louisiana Bank Holding Company for Failing to Disclose Stock Buybacks
Document Date 31-May-2023
Document Format Administrative Proceeding
File Number 3-21474
Allegation Type Issuer Reporting and Disclosure
Document Summary On May 31, 2023, the SEC "announced settled charges against First Guaranty Bancshares, Inc. ("FGBI"), a Louisiana publicly-traded bank holding company that operates through its wholly-owned subsidiary, First Guaranty Bank ("FGB"), for failing to disclose repurchases of its common stock on the open market in its Forms 10-Q and 10-K. These repurchases were made in connection with an employee stock grant program for FGB employees and annual stock bonus awards made to FGB executives."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $600,000.00 Shared:    

Related Documents:

34-97631 31-May-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On May 31, 2023, the SEC instituted settled cease and desist proceedings against First Guaranty Bancshares, Inc. (FGBI), stating: "FGBI failed to disclose repurchases of its common stock on the open market in its Forms 10-Q and 10-K in connection with an employee stock grant program (“Stock Grant Program” or “Program”) for employees of its wholly-owned subsidiary, First Guaranty Bank (“FGB”), and for annual stock bonus awards made to FGB executives, including FGB’s Chief Executive Officer (“CEO”) and Chief Financial Officer, (“CFO”)."