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Live Oak Bancshares closes common stock offering

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Live Oak Bancshares closes common stock offering

Live Oak Bancshares Inc. closed its common stock offering for 4.5 million of its voting common shares, seeing net proceeds of roughly $98.3 million.

The Wilmington, N.C.-based company closed the offering Aug. 14.

If underwriters exercise their 30-day overallotment option — 675,000 shares — in full, another $14.8 million may be added to that amount.

Goldman Sachs & Co. LLC was the sole book-running manager for the offering while Sandler O'Neill & Partners LP and SunTrust Robinson Humphrey Inc. were co-managers.