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Live Oak Bancshares prices common stock offering

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Live Oak Bancshares prices common stock offering

Wilmington, N.C.-based Live Oak Bancshares Inc. priced its offering of 4.5 million voting common shares at $23.00 each.

Net proceeds are estimated at $98.3 million. If underwriters exercise their overallotment option — 675,000 shares — in full, another $14.8 million may be added to that amount.

The offering is expected to close on or about Aug. 14.