Correll Amends UTG Inc. Stake Filing

TL;DR

Correll updated his UTG stake filing again. Still watching.

AI Summary

Jesse T. Correll, through First Southern Bancorp, Inc., has amended their Schedule 13D filing for UTG Inc. on April 17, 2024. This amendment, the 31st, indicates a change in their beneficial ownership of UTG Inc. common stock. The filing does not specify the exact percentage or number of shares owned but signifies an ongoing reporting requirement for Correll's stake.

Why It Matters

This filing is a routine update for significant shareholders, indicating ongoing monitoring and potential changes in beneficial ownership of UTG Inc. by Jesse T. Correll.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or indicate substantial investor influence, warranting attention.

Key Numbers

• 31 — Amendment Number (Indicates this is the 31st update to the filing.)
• April 17, 2024 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• Jesse T. Correll (person) — Reporting Person
• UTG Inc. (company) — Subject Company
• First Southern Bancorp, Inc. (company) — Filing Entity
• Jill Martin (person) — Authorized Contact

FAQ

Filing Documents

• utg13daapril2024.htm (SC 13D/A) — 193KB
• 0000940397-24-000006.txt ( ) — 194KB

Identity and Background

Item 2. Identity and Background The persons reporting on this Schedule 13D are Jesse T. Correll, First Southern Bancorp, Inc., First Southern Funding, LLC, First Southern Holdings, LLC, WCorrell, Limited Partnership, and Cumberland Lake Shell, Inc. (individually, each is referred to as a "Reporting Person" and collectively, the "Reporting Persons"). Information with respect to the offices held by any of the Reporting Persons with UTI and the insurance subsidiaries of UTI are provided below in this Item 2 and in Item 4 of this Report and incorporated herein by reference. The name, citizenship or state of organization, principal employment or business, and the address of the principal office of each Reporting Person, are set forth below: Jesse T. Correll (a) The name of this Reporting Person is Jesse T. Correll ("Mr. Correll"). (b) The business address of Mr. Correll is P.O. Box 328, 205 N. Depot Street, Stanford, Kentucky 40484. (c) Mr. Correll's present principal occupations or employment and the name, principal business and address of any corporation or other organization in which such employment is carried on are: (i) Chairman, President, CEO and Director of First Southern Bancorp, Inc. (bank holding company), P.O. Box 328, 99 Lancaster Street, Stanford, Kentucky 40484; (ii) Chairman, President, CEO and Director of UTG, Inc. (Insurance holding company), 205 N. Depot Street, Stanford, Kentucky 40484; (iii) Chairman, President, CEO and Director of Universal Guaranty Life Insurance Co. (Life insurance co.), 205 N. Depot Street, Stanford, Kentucky 40484; and (iv) Chairman and Director of First Southern National Bank (Bank), P. O. Box 328, 99 Lancaster Street, Stanford, Kentucky 40484. (d) Mr. Correll is a citizen of the United States. First Southern Bancorp, Inc. ("FSBI") (a Kentucky corporation) (a) The name of this Reporting Person is First Southern Bancorp, Inc. (b) The state of organization of FSBI is Kentucky. (c) The principal business of FSBI is a

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer (a-b) The beneficial ownership of the Common Stock by each Reporting Person is as follows. Each Reporting Person has sole voting and dispositive power over the shares listed opposite the Reporting Person's name, except as noted: Reporting Person Number of Shares Owned (%)(1) Jesse T. Correll (2) First Southern Bancorp, Inc.(2)(3) First Southern Funding, LLC(2)(3) First Southern Holdings, Inc.(2)(3) WCorrell, Limited Partnership(2) Cumberland Lake Shell, Inc. 154,312 (4.9%) 1,406,785 (44.4%) 400,000 (12.6%) 1,201,876 (37.9%) 72,750 (2.3%) 128,750 (4.1%) Total(3)(4) 2,089,847 (65.9%) (1) The percentage of outstanding shares is based on 3,170,007 shares of Common Stock outstanding as of April 15, 2024. (2) The share ownership of Mr. Correll includes 81,562 shares of Common Stock owned by him individually; and 72,750 shares of Common Stock held by WCorrell, Limited Partnership, a limited partnership in which Mr. Correll serves as managing general partner. In addition, by virtue of his ownership of voting securities of FSF and FSBI, and in turn, their ownership of 100% of the outstanding membership interests of FSH, Mr. Correll may be deemed to beneficially own the total number of shares of Common Stock owned by FSH (as well as the shares owned by FSBI and FSF directly), and may be deemed to share with FSH (as well as FSBI and FSF) the right to vote and to dispose of such shares. Mr. Correll owns approximately 79.7% (of which 77.5% is owned directly by Mr. Correll and 2.2% is owned by his wife) of the outstanding membership interests of FSF; he owns approximately 44.0% (of which 43.96% is owned directly by Mr. Correll and 0.02% is owned by his wife), companies he controls own approximately 16.3%, and he has the power to vote and an option to purchase but does not own approximately 2.2%, of the outstanding voting common equity of FSBI (consisting in part of shares entitled to one vote per share and in part

: Material to be Filed as Exhibits

Item 7: Material to be Filed as Exhibits The following exhibits are filed with this Schedule 13D: Exhibit B Agreement among Reporting Persons for the filing of a single Schedule 13D pursuant to Rule 13d-l(f)(l). Exhibit F Directors, officers, members, general partners and controlling persons of Reporting Persons. 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: April 17, 2024 By: /s/ Jesse T. Correll Jesse T. Correll Attorney-in-Fact on behalf of each of the Reporting Persons* * Pursuant to the Agreement among Reporting Persons dated April 16, 2024, for the filing of a single Schedule 13D pursuant to Rule 13d-1(k), each Reporting Person has authorized Jesse T. Correll to sign on behalf of such Reporting Person any Schedule 13D or amendments thereto that are required to be filed on behalf of the Reporting Persons to this Schedule 13D. 9 Exhibit B AGREEMENT THIS AGREEMENT is made and entered into by and among Jesse T. Correll, an individual, First Southern Holdings, LLC, a Kentucky limited liability company, First Southern Bancorp, Inc., a Kentucky corporation, First Southern Funding, LLC, a Kentucky limited liability company, WCorrell, Limited Partnership, a Georgia limited partnership, and Cumberland Lake Shell, Inc., a Kentucky corporation (collectively, the "Group"). W I T N E S S E T H : WHEREAS, each member of the Group may be deemed to beneficially own shares of the Common Stock of UTG, Inc., a Delaware corporation ("UTG"); WHEREAS, each member of the Group desires to file a single Schedule 13D under the Securities and Exchange Act of 1934, as amended (the "Act"), indicating the beneficial WHEREAS, the rules of Securities and Exchange Commission require that, when a Schedule 13D is filed on behalf of more than one person, the

View Full Filing

View this SC 13D/A filing on SEC EDGAR