04:41 AM EDT, 07/29/2025 (MT Newswires) -- Live Oak Bancshares ( LOB ) said late Monday it has priced an underwritten offering of 4 million depositary shares.

Each share represents a 1/40th ownership interest in a share of 8.375% fixed rate series A non-cumulative perpetual preferred stock, with a liquidation preference of $25 per depositary share.

Dividends will accrue at 8.375% annually and be payable quarterly starting Sept. 15, the company said.

Live Oak may redeem the Series A preferred on any dividend payment date beginning Sept. 15, 2030, or after a regulatory capital event, at $1,000 per share or $25 per depositary share plus declared and unpaid dividends, it said.

Net proceeds will be used for general corporate purposes, including balance sheet growth and capital enhancement at Live Oak Banking Company, Live Oak said.

The offering is expected to close around Aug. 4, subject to customary conditions, the company added.