IPOs & Listings
Live Oak Bancshares Prices 4 Million Depositary Shares at $25 With 8.75% Dividend
By News Desk ·
Key takeaways
- Live Oak Bancshares priced 4,000,000 depositary shares at a $25 liquidation preference, each representing a 1/40th interest in 8.750% Series B preferred stock.
- Morgan Stanley, Keefe, Bruyette & Woods, RBC Capital Markets and UBS Investment Bank are joint bookrunning managers for the offering.
- Live Oak expects to close the offering on or about November 12, 2026, and intends to list the depositary shares on the NYSE under 'LOB/PB.'
Live Oak Bancshares priced an underwritten offering of 4,000,000 depositary shares at a $25 liquidation preference, each representing a 1/40th ownership interest in a share of 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, the company said in a FinancialContent Business Page report. The offering totals $100 million.
Live Oak's Series B Preferred Terms
Dividends on the Series B Preferred Stock will be payable when, as and if declared by the board, at a rate of 8.750% per annum, quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on December 15, 2026. Live Oak may redeem the Series B Preferred Stock at its option on any dividend payment date on or after December 15, 2031, or following a regulatory capital treatment event, at a redemption price of $1,000 per share, equivalent to $25 per depositary share, plus declared and unpaid dividends.
Morgan Stanley & Co. LLC; Keefe, Bruyette & Woods, A Stifel Company; RBC Capital Markets, LLC; and UBS Investment Bank are serving as joint bookrunning managers. Live Oak granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 600,000 depositary shares to cover overallotments. Keefe, Bruyette & Woods issued Q3 2026 earnings estimates for Bancorp, forecasting $1.49 per share with an Outperform rating and a $79.00 price target, according to American Banking and Market News.
Live Oak's Funding History
Live Oak's funding records show three rounds, according to akta.pro company records: a $75 million private equity round in August 2014, a $1.1 million series unknown round in November 2017, and a $100 million post-IPO equity round in July 2025. Total funding stands at $176.1 million, with the last round dated July 28, 2025.
| Date | Round | Amount |
|---|---|---|
| August 2014 | Private equity | $75 million |
| November 2017 | Series unknown | $1.1 million |
| July 2025 | Post-IPO equity | $100 million |
Live Oak's Recent Lending Moves
In October 2026, Live Oak Bank was named the top SBA 7(a) lender by dollar amount for fiscal 2026, approving 2,411 loans totaling over $2.58 billion, GlobeNewswire reported. In September 2026, Live Oak Bank was named the Official Business Bank of UNCW Athletics under a multi-year agreement, according to Stock Titan. In August 2026, Live Oak Bancshares declared cash dividends on common and preferred shares payable September 15, 2026, Simply Wall St reported.
Live Oak's November 12 Closing Date
Live Oak expects to close the offering, subject to customary conditions, on or about November 12, 2026. The company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "LOB/PB."