First Guaranty Bancshares in Hammond, La., has postponed its initial public offering, citing "unfavorable market conditions."
The $1.5 billion-asset company seemed poised to go through with the IPO as recently as Tuesday, when it filed an amended shelf registration for the offering. First Guaranty had planned to sell nearly 4.6 million shares at a maximum price of $21 a share.
The company on Friday issued a press release to announce its decision to delay the offering. No timetable was provided for resurrecting the IPO.
Recent pressure on oil and gas prices may have been a factor, though First Guaranty did not mention that issue specifically. First Guaranty, in its shelf registration, touted the oil and gas industries around the Louisiana cities of Lafayette and Shreveport as potential drivers for growth. Two of First Guaranty's three business hubs in the state are in the vicinity of those areas.
A call to First Guaranty was not immediately returned.