Live Oak Bancshares, Inc. Prices Depositary Share Offering
Live Oak Bancshares, Inc. (NYSE:LOB) ("Live Oak" or the "Company") announced the pricing of an underwritten offering of 4,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock (the "Series B Preferred Stock"), with a liquidation preference of $25 per depositary share. When, as and if declared by the board of directors of Live Oak, dividends will be payable on the Series B Preferred Stock from the date of issuance at a rate of 8.750% per annum, payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year, b