Form 8-K Live Oak Bancshares, For: Oct 01
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2017
LIVE OAK BANCSHARES, INC. | ||
(Exact name of registrant as specified in its charter) | ||
North Carolina | 001-37497 | 26-4596286 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1741 Tiburon Drive, Wilmington, NC | 28403 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (910) 790-5867 | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01. | Regulation FD Disclosure. |
On October 2, 2017, Live Oak Bancshares, Inc. (the “Company”) announced the closing of the previously announced joint venture between Live Oak Banking Company and First Data Corporation. The transaction closed on October 1, 2017. A copy of the Company's press release announcing the closing is filed as Exhibit 99.1 hereto and incorporated by reference herein.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits | |
Exhibit No. | Description | ||
99.1 | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIVE OAK BANCSHARES, INC. | ||
By: | /s/ S. Brett Caines | |
S. Brett Caines | ||
Chief Financial Officer | ||
Dated: October 2, 2017 | ||
Exhibit 99.1
First Data and Live Oak Bancshares Close Deal
for Digital Banking Joint Venture
The new company, named Apiture, expands digital banking
products and services for financial institutions
NEW YORK & WILMINGTON, N.C., OCTOBER 2, 2017 - First Data (NYSE: FDC), a global leader in commerce-enabling technology, and Live Oak Bancshares, Inc. (NASDAQ: LOB), today announced they have closed the digital banking joint venture that was announced earlier this year. The new company, named Apiture, combines First Data’s and Live Oak Bank’s digital banking platforms, products, and services, delivering innovative technology solutions tailored for financial institutions.
With Live Oak’s cloud-based banking technologies, First Data’s digital banking solutions, and the combined research and development of two global leaders in financial services technology, Apiture will accelerate the delivery of new digital banking solutions to the market.
“With the agility of a startup, and the resources of First Data and Live Oak, Apiture will provide community and regional banks with technology that matches that of the world’s largest financial institutions,” said Chris Cox, President of Apiture and former Head of Digital Banking at First Data. “We decided to call the joint venture Apiture because of the focus we have on APIs and providing an open platform to deliver best-in-class solutions to this important market.”
“We believe banking is broken in its current form, and we will continue to invest in the technologies and companies that solve the problem,” said Chip Mahan, Chairman and CEO of Live Oak Bancshares. “To that end, Apiture will play a big role in shaping the future of our industry. As a new Apiture customer, Live Oak will leverage the platform to access low-cost deposits through digital channels at scale.”
Apiture’s digital banking solutions include online and mobile platforms that make it simple for consumers and businesses to manage digital bill payments, balance inquiries, fund transfers, mobile check deposits, and more. With these solutions and services, financial institutions can provide customized online banking websites and mobile applications to their customers in a cost-effective way.
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Last year, First Data introduced “Digital Banking Reimagined,” an initiative that evaluated the way consumers interact with their finances. With more than 18 months of research and development, the company launched a new digital banking user interface to simplify money management in a mobile-focused way, which will continue under the joint venture.
First Data and Live Oak Bancshares each own 50 percent of Apiture. The new company is based in Wilmington, N.C.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 24,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 2,800 transactions per second and $2.2 trillion per year.
About Live Oak Bancshares, Inc.
Live Oak Bancshares, Inc. (Nasdaq: LOB) is a financial holding company and the parent company of Live Oak Banking Company, a national online platform for small business lending.
Media Contacts
Live Oak Bancshares, Inc.
Micah Davis
910-550-2255
First Data
Hally Sheldon
212-515-0174
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