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Live Oak Bancshares withdraws application for Independence Trust deal

on June26, 2015, withdrew its application to acquire Franklin, Tenn.-based , according to anotice posted by the Federal Reserve Board for the week ending June 27, 2015.

TheWilmington, N.C.-based company in February 2015 announced plans to acquire 100%control of Independence Trust by merging with its parent company, According to a prospectus related to Live Oak's IPO, which it completed in2015, the company planned to pay about $8.4 million in cash for 100% ofthe outstanding shares of Independence Trust.