Core Points - Live Oak Bancshares, Inc. announced the closing of its underwritten offering of 4,000,000 depositary shares, each representing a 1/40th interest in its 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25 per depositary share [1] - The public offering generated proceeds of approximately $96,150,000, net of estimated expenses and underwriting discounts and commissions [1] Offering Details - The offering was managed by joint bookrunning managers Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, and Keefe, Bruyette & Woods, A Stifel Company [2] - A shelf registration statement, including a prospectus, was previously filed with the SEC on January 17, 2023, and a prospectus supplement related to the offering has been filed [3] 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 [4]
Live Oak Bancshares, Inc. Closes Depositary Share Offering