First Guaranty Bancshares in Hammond, La., has decided to again test the market for an IPO.
The $1.4 billion-asset company in December postponed a stock offering that would have raised around $65 million, as concerns mounted about the impact the slide in oil prices would have on the bank. It delayed the IPO despite its relatively small direct exposure to the energy industry.
In the new offering, First Guaranty plans to sell about 600,000 shares for $18.50 per share.
The shares will be sold on the Nasdaq Global Market — they were previously listed on the OTC Pink Marketplace. Proceeds from the offering will go toward supporting loan portfolio growth, including making larger loans, and to strategic acquisitions.
First Guaranty may also use some of the proceeds to redeem preferred shares issued to the Treasury Department as part of the Small Business Lending Fund program.
Sandler O'Neill is financial adviser for the offering. Luse Gorman is legal counsel.