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Live Oak Bancshares Closes $96.15 Million Perpetual Preferred Stock Offering

Strategic Insights

— 1 min read

Wilmington-based Live Oak Bancshares, Inc. announced the successful closing of a $96.15 million underwritten offering of 4 million depositary shares, each representing a 1/40th interest in a share of its 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock. The proceeds from the public offering will be used by the Company to drive further growth and expansion. The joint bookrunning managers for the offering were Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, and Keefe, Bruyette & Woods, A Stifel Company. The prospectus supplement and accompanying prospectus were filed with the Securities and Exchange Commission (SEC) on January 17, 2023.

Key Takeaways:

  • Live Oak Bancshares, Inc. has successfully closed a $96.15 million underwritten offering of 4 million depositary shares, each representing a 1/40th interest in a share of its 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock.
  • The offering was made by means of a prospectus supplement and accompanying prospectus previously filed with the SEC on January 17, 2023.
  • Joint bookrunning managers for the offering were Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, and Keefe, Bruyette & Woods, A Stifel Company.
  • The proceeds from the public offering will be used by the Company to drive further growth and expansion.
  • Walter J. Phifer serves as CFO and Investor Relations, and Claire Parker is the Corporate Communications and Media Relations contact.

Statistics:

  • The offering was for 4,000,000 depositary shares, each representing a 1/40th interest in the 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock.
  • The liquidation preference for each depositary share is $25.
  • The net proceeds from the offering were approximately $96,150,000.
  • Estimated expenses and underwriting discounts and commissions reduced the net proceeds by $1,150,000.

Sources:

  • Live Oak Bancshares, Inc., "Live Oak Bancshares Announces Closing of Underwritten Public Offering of Depositary Shares Representing 1/40th Interest in Shares of Perpetual Preferred Stock" (GLOBE NEWSWIRE, August 04, 2025)
  • Securities and Exchange Commission, "EDGAR Database" (January 17, 2023)
  • Live Oak Bancshares, Inc., Investor Relations Contact: Walter J. Phifer (910.202.6926)
  • Live Oak Bancshares, Inc., Corporate Communications Contact: Claire Parker (910.597.1592)

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