LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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Entry into a Material Definitive Agreement.
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into a Contribution Agreement (the Agreement) with First Data
Corporation (First Data). to the terms of the Agreement, the
Company will form a new joint venture with First Data. The Company
and First Data will each contribute their digital banking
platforms, products, and services to the new joint venture. The
Company will own 50 percent of the joint venture and First Data
will own 50 percent. First Data will have a preference on the new
joint venture’s earnings from 2017 and 2018.
covenants. In addition, the Agreement contains provisions relating,
among other things, to (1) the conduct of business during the
interim period between the execution of the Agreement and the
effective date of the transaction, (2) the organization and
governance of the joint venture entity, (3) access to information
and confidentiality, (4) employment and personnel matters, (5)
required conditions for closing, (6) termination rights and (7)
indemnification provisions.
qualified in its entirety by reference to the full text of the
Agreement, a copy of which is attached hereto as Exhibit 2.1 and
incorporated by reference herein.
information regarding its terms. It is not intended to provide any
other factual information about the parties thereto. The
representations, warranties and covenants contained in the
Agreement were made only for the purposes of such agreement and as
of specific dates, were made solely for the benefit of the parties
to the Agreement and may be intended not as statements of fact, but
rather as a way of allocating risk to one of the parties if those
statements prove inaccurate. In addition, the assertions embodied
in those representations, warranties and covenants are qualified by
information in the confidential disclosure schedules that the
parties have exchanged in connection with the signing of the
Agreement. The disclosure schedules contain information that
modifies, qualifies and creates exceptions to the representations,
warranties and covenants set forth in the Agreement. Accordingly,
investors should not rely on the representations and warranties as
the actual state of facts at the time they were made or otherwise.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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2.1
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Contribution Agreement dated as of May 9, 2017
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About LIVE OAK BANCSHARES, INC. (NASDAQ:LOB)
Live Oak Bancshares, Inc. is the bank holding company for Live Oak Banking Company (the Bank). The Bank is a commercial bank and a national online platform for small business lending. The Company provides certain small businesses across the United States a means to access capital. The Company primarily originates loans partially guaranteed by the United States Small Business Administration (SBA) to small businesses and professionals. It offers commercial and industrial loans, construction and development loans, and owner occupied commercial real estate loans for agriculture, death care management, healthcare, independent pharmacies, registered investment advisors and veterinary industry, among others. The Company also offers commercial land loans for agriculture. It owns Live Oak Grove, LLC, which provides company employees and business visitors an on-site restaurant location, and Government Loan Solutions, Inc., a management and technology consulting company, among others. LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Recent Trading Information
LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) closed its last trading session up +0.35 at 25.40 with 128,538 shares trading hands.
