Live Oak Bancshares in Wilmington, N.C., is set to benefit from the pending sale of Payrailz to Jack Henry & Associates.
The $9.1 billion-asset Live Oak disclosed in a regulatory filing that it expects to report a $29 million pretax gain tied to its investment in Payrailz. The gain would be recorded when the acquisition closes.
The announcement comes months after Live Oak said it would likely realize a $115 million pretax gain from its investment in Finxact, which agreed to be sold to Fiserv.