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Live Oak Bancshares selling 4.5 million common voting shares

Wilmington, N.C.-based Live Oak Bancshares Inc. is selling 4.5 million of its common voting shares in a underwritten public offering.

Underwriters also have a 30-day, 15% overallotment option.

Besides general corporate purposes, the company intends to use net proceeds to make investments in Live Oak Banking Co. and enhance the capital position of the company and the bank.

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