First Guaranty Bancshares in Hammond, La., has raised $10 million through a private placement of common stock.
The $3.2 billion-asset company said in a press release that it sold about 710,000 shares at $14 each. The placement included the company’s directors and accredited investors.
“We have been frustrated by the unfair beating our stock has taken in recent months, and the completion of the offering with the 100% participation of directors shows our belief in our bank,” Marshall Reynolds, First Guaranty’s chairman, said in the release.
First Guaranty said it expects to use the proceeds for a variety of purposes that could include supporting continued growth and enhancing regulatory capital ratios.