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Live Oak Bancshares Completes Underwritten Offering of Depositary Shares

Strategic Insights

— 1 min read

Live Oak Bancshares, Inc., the parent company of Live Oak Bank, has successfully closed its previously announced underwritten offering of depositary shares representing its 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock. The company received approximately $96.15 million in proceeds from the public offering, net of estimated expenses and underwriting discounts and commissions. The offering was led by Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, and Keefe, Bruyette & Woods, A Stifel Company.

Key Takeaways:

  • Live Oak Bancshares completed an underwritten offering of 4,000,000 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 company received $96.15 million in proceeds from the offering, net of estimated expenses and underwriting discounts and commissions.
  • The joint bookrunners 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 for the offering were filed with the SEC on January 17, 2023, and January 2025, respectively.
  • Interested investors can request a prospectus supplement and accompanying prospectus by calling the respective underwriters.
  • Live Oak Bancshares and its subsidiaries partner with businesses that share a focus on service and technology to redefine banking.

Statistics:

  • 4,000,000 depositary shares were issued in the underwritten offering.
  • The offering generated $96.15 million in proceeds for Live Oak Bancshares, net of estimated expenses and underwriting discounts and commissions.
  • In 2023, the company filed a shelf registration statement with the SEC on January 17.
  • The prospectus supplement for the offering was filed with the SEC in January 2025.

Sources:

  • GlobeNewswire (MIL-OSI), WILMINGTON, N.C., Aug. 04, 2025 (GLOBE NEWSWIRE) --
  • Live Oak Bancshares, Inc. (NYSE: LOB) and its subsidiaries.
  • Securities and Exchange Commission (SEC).
  • EDGAR on the SEC's website at www.sec.gov.
  • Contify.com.

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