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Live Oak Bancshares is planning an initial public offering that could yield as much as $86 million for the Wilmington, N.C., company and its shareholders.
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Wells Fargo and Live Oak Bank were the top lenders in the Small Business Administration's 7(a) loan program, helping lead the agency program to its most successful fiscal year.
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Live Oak does small-business lending nationwide, with a focus on niche industries, including veterinary practices, pharmacies, funeral homes and independent financial advisory firms. It does not operate any retail branches. But it does operate two corporate jets, which are available to employees for business travel.
October 26
Live Oak Bancshares in Wilmington, N.C., has filed registration documents for an initial public offering, with plans to raise up to $86.3 million.
The $679 million-asset company
In January, Live Oak held talks with five unnamed institutional investors about a private placement of up to 4 million shares of common stock, the company said in a registration statement filed with the Securities and Exchange Commission. Live Oak ended the talks in March and decided to proceed with an IPO.
Live Oak in April 2014 filed plans to
Wellington owns a 24.6% stake in Live Oak. James S. Mahan, Live Oak's chairman and chief executive, owns a 21.3% stake.
Live Oak plans to use the IPO proceeds to support lending growth to industries where it now does business and expansion into new industries, to develop a new online platform for loans of less than $350,000, to increase the size of its held-for-investment loan portfolio and for general corporate purposes.
Live Oak specializes in the online origination of commercial and construction loans partially guaranteed by the Small Business Administration.
Sandler O'Neill & Partners; Keefe, Bruyette & Woods and SunTrust Robinson Humphrey are financial advisers on the offering. Wyrick Robbins Yates & Ponton is legal counsel to Live Oak.
