Live Oak Bancshares, Inc. Closes Depositary Share Offering
Live Oak Bancshares (NYSE: LOB) has successfully completed its previously announced depositary shares offering.
Sentiment and the balance of points
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Rhea-AI Summary
Live Oak Bancshares (NYSE: LOB) has successfully completed its previously announced depositary shares offering. The company issued 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 offering, which had a liquidation preference of $25 per depositary share, generated net proceeds of approximately $96.15 million after deducting estimated expenses and underwriting discounts. Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Keefe, Bruyette & Woods served as joint bookrunning managers for the transaction.
Positive
- Generated $96.15 million in net proceeds to strengthen capital position
- Successfully completed offering with support from major investment banks
Negative
- Potential increase in cost of capital with 8.375% Fixed Rate preferred stock
- Possible dilution of existing shareholders' equity
Details
News Market Reaction – LOB
On Aug 5, the first trading day after this news, LOB closed 0.83% above the previous close.
Data tracked by StockTitan Argus for the Aug 5 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WILMINGTON, N.C., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or the “Company”) announced the closing of its previously announced underwritten offering of 4,000,000 depositary shares, each representing a 1/40th interest in a share of its
Morgan Stanley & Co. LLC; RBC Capital Markets, LLC; UBS Investment Bank; and Keefe, Bruyette & Woods, A Stifel Company served as joint bookrunning managers for the offering.
A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Live Oak with the Securities and Exchange Commission (the “SEC”) on January 17, 2023. A prospectus supplement relating to the offering has been filed with the SEC. The offering has been made by means of a prospectus supplement and accompanying prospectus. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the Company, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus supplement if you request it by calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649, RBC Capital Markets, LLC at 1-866-375-6829, UBS Investment Bank at 1-833-481-0269 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.
About Live Oak Bancshares
Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com.
Contacts:
Walter J. Phifer | CFO | Investor Relations | 910.202.6926
Claire Parker | Corporate Communications | Media Relations | 910.597.1592
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