Live Oak Bancshares, Inc. Prices Depositary Share Offering

Core Viewpoint - Live Oak Bancshares, Inc. has announced the pricing of an underwritten offering of 4,000,000 depositary shares representing a 1/40th ownership interest in a share of 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25 per depositary share [1][2]. Summary by Sections Offering Details - The Series A Preferred Stock will pay dividends at a rate of 8.375% per annum, payable quarterly starting from September 15, 2025 [2]. - Live Oak has the option to redeem the Series A Preferred Stock on any dividend payment date on or after September 15, 2030, at a redemption price of $1,000 per share, equivalent to $25 per depositary share [2]. - The net proceeds from the offering are intended for general corporate purposes, including supporting balance sheet growth and enhancing the Company's capital position [2]. Underwriters and Closing - Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, and Keefe, Bruyette & Woods, A Stifel Company are serving as joint bookrunning managers for the offering [3]. - The expected closing date for the offering is around August 4, 2025, subject to customary conditions [3]. Regulatory Filings - The Company filed a "shelf" registration statement with the SEC on January 17, 2023, and a preliminary prospectus supplement on July 28, 2025, related to this offering [4]. Company Overview - Live Oak Bancshares, Inc. is a financial holding company and the parent company of Live Oak Bank, focusing on redefining banking through service and technology [8].