First Guaranty Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Predecessor | Guaranty Bank & Trust Company |
| Founded | 1934 in Hammond, Louisiana |
| Headquarters | Hammond , United States |
Area served | Louisiana |
| Products | Banking services |
| Owner | First Guaranty Bancshares, Inc. |
| Parent | First Guaranty Bancshares, Inc. |
First Guaranty Bank (FGB) is a financial institution headquartered in Hammond, Louisiana, serving as the main subsidiary of First Guaranty Bancshares, Inc., a publicly listed bank holding company. The bank operates a network of 21 branches throughout Louisiana.
History
Established in 1934 in Hammond under the name Guaranty Bank & Trust Company, the institution adopted the name First Guaranty Bank in 1971.
FGB expanded its footprint in 1999 by acquiring 13 branches from Bank One. Additional growth occurred through the purchases of Homestead Bancorp, Inc. for $13 million in cash and Douglass National Bank of Kansas City, both completed in 2007.
On September 22, 2011, FGB exited the Troubled Asset Relief Program by buying back securities from the United States Treasury for $21.1 million.
The acquisition of Premier Bancshares in 2017, valued at $21 million in cash and stock, further strengthened the bank’s market position.
In August 2019, First Guaranty Bancshares agreed to acquire the holding company of The Union Bank located in Marksville, Louisiana for $43 million. This transaction, finalized later that year, expanded the bank’s branch count by nearly half, bringing it to approximately 30 locations.
Allegation of racial discrimination
In 2019, Nikole Hannah-Jones, during a New York Times podcast episode, accused the bank of discriminatory practices against African-American farmers June and Angie Provost. The allegations included unauthorized changes to loan amounts and forged signatures, which allegedly placed financial strain on the Provosts and resulted in foreclosure of their farm and residence. This issue is currently subject to litigation and a federal whistleblower complaint filed with the USDA. The bank has refuted these accusations as "entirely baseless and without merit," asserting it "does not engage in discriminatory conduct."