SCHEDULE 13D/A: First Southern Entities and Jesse T. Correll Group Increase Stake in UTG, Inc. to 69%

A group led by First Southern Bancorp, Inc. and Jesse T. Correll has significantly increased its beneficial ownership in UTG, Inc., now controlling 69.0% of the common stock after recent share acquisitions.

Summary

• First Southern Bancorp, Inc. (FSBI), First Southern Funding, LLC (FSF), First Southern Holdings, LLC (FSH), Jesse T. Correll, WCorrell, Limited Partnership, and Cumberland Lake Shell, Inc. have formed a group for the purpose of acquiring or holding equity securities of UTG, Inc. (UTI).
• As of May 5, 2025, the total outstanding shares of UTG, Inc. common stock were 3,154,657.
• The aggregate beneficial ownership of the reporting group is 2,176,804 shares, representing 69.0% of UTG, Inc.'s common stock.
• First Southern Bancorp, Inc. beneficially owns 1,406,785 shares (44.6%).
• First Southern Holdings, LLC beneficially owns 1,201,876 shares (38.1%).
• First Southern Funding, LLC beneficially owns 486,957 shares (15.4%).
• Jesse T. Correll beneficially owns 154,312 shares (4.9%), which includes shares owned individually and through WCorrell, Limited Partnership.
• Cumberland Lake Shell, Inc. beneficially owns 128,750 shares (4.1%).
• WCorrell, Limited Partnership beneficially owns 72,750 shares (2.3%).
• On May 6, 2025, First Southern Funding, LLC purchased an additional 86,957 shares of UTG, Inc. common stock at a price of $40.00 per share in privately negotiated transactions.
• The total cost of this recent acquisition by First Southern Funding, LLC was $3,478,280, funded by cash on hand.

Sentiment

Score: 8

Explanation: The document indicates a significant increase in beneficial ownership by a controlling group, including key management, which suggests strong confidence and a consolidated strategic direction for UTG, Inc. This is generally a positive signal for the company's stability and long-term vision under current leadership.

Positives

• The reporting group, including key management figures like Jesse T. Correll, has significantly increased its beneficial ownership, demonstrating strong confidence in UTG, Inc.
• The acquisition of additional shares by First Southern Funding, LLC indicates a continued strategic interest in the company's equity.

Risks

• The document does not detail specific operational or financial risks for UTG, Inc. It is a beneficial ownership filing.
• No reporting person has been convicted in a criminal proceeding or been a party to a civil proceeding enjoining future violations of securities laws in the last five years.

Future Outlook

The reporting persons, including First Southern Bancorp, Inc., First Southern Funding, LLC, First Southern Holdings, LLC, and Jesse T. Correll, have agreed in principle to act together for the purpose of acquiring or holding equity securities of UTG, Inc., indicating a continued long-term investment strategy.

Management Comments

• Jesse T. Correll, who serves as Chairman, President, CEO, and Director of First Southern Bancorp, Inc. and UTG, Inc., among other roles, is a key figure in the reporting group and has signed the filing on behalf of all reporting persons, indicating unified control and strategy.

Industry Context

This filing pertains to a significant ownership stake in UTG, Inc., an insurance holding company. The increased control by a group associated with a bank holding company (First Southern Bancorp, Inc.) suggests a consolidation of influence within the financial services sector, potentially aligning banking and insurance interests.

Related Party Transactions

• The transaction involves First Southern Funding, LLC, a member of the reporting group, purchasing shares of UTG, Inc. common stock. The reporting group itself is composed of entities and individuals with intertwined ownership and management relationships, including Jesse T. Correll, who holds significant roles across these entities and UTG, Inc.

Stakeholder Impact

• Shareholders: The increased concentration of ownership by the reporting group may lead to more stable governance and strategic direction, but also potentially less liquidity or influence for minority shareholders.
• Employees: No direct impact mentioned, but consolidated control could lead to more unified corporate policies.
• Customers/Suppliers/Creditors: No direct impact mentioned, but a stable ownership structure can imply long-term business stability.

Next Steps

• The reporting group intends to continue acquiring or holding equity securities of UTG, Inc.

Key Dates

Keywords

UTG Inc, SEC filing, Schedule 13D, beneficial ownership, First Southern Bancorp, Jesse T. Correll, share acquisition, equity investment, corporate control, financial services, insurance holding company