Live Oak Bank

Live Oak Bank is a direct bank headquartered in Wilmington, North Carolina. It is a subsidiary of Live Oak Bancshares, Inc., a bank holding company. The bank specializes in originating business loans that are guaranteed by the Small Business Administration (SBA) to companies in 16 specific industries. Along with Wells Fargo and Newtek Business Services, it is one of the largest originators of loans guaranteed by the SBA. The company typically sells 90% of its loans, including the portion guaranteed by the SBA. The company does not have any branches but has offices in North Carolina, Florida, Georgia, and California.[1] The company owns three jets, which have been referred to as "branches that fly".[2]

Live Oak Bancshares, Inc.
Public company
Traded asNASDAQ: LOB
Russell 2000 Component
IndustryBanking
FoundedFebruary 2005 (February 2005)
HeadquartersWilmington, North Carolina
Key people
 James S. Mahan III, Chairman & CEO
S. Brett Caines, CFO[1]
Revenue $0.135 billion (2016)[1]
$0.020 billion (2016)[1]
Total assets $1.755 billion (2016)[1]
Total equity $0.222 billion (2016)[1]
Number of employees
425[1]
Websitewww.liveoakbank.com
The bank's headquarters in Wilmington, North Carolina

History

The bank was founded in February 2008 by James S. Mahan III, who also founded Cardinal Bank and S1 Corporation.[1] At first, the bank lent only to veterinarians.[3]

On July 23, 2015, the company became a public company via an initial public offering.[4]

In April 2017, the company acquired Reltco Inc. and National Assurance Title Inc., title insurance companies based in Tampa, Florida, for $15.8 million.[5][6]

In October 2017, the company entered into a joint venture with First Data. The company, called Apiture, provides community and regional banks with technology.[7]

References
  1. "Live Oak Bancshares, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Sterngold, James (September 3, 2015). "An Online Bank With a Personal Touch". The Wall Street Journal.
  3. Sposito, Sean (June 1, 2013). "Lending in the Cloud: Man Behind First Web Bank Is Back". American Banker.
  4. "Live Oak Bancshares, Inc. Announces Pricing of Its Initial Public Offering" (Press release). GlobeNewswire. July 23, 2015.
  5. Manning, Margie (April 27, 2017). "Two Tampa title agencies sell for $16M". American City Business Journals.
  6. Christian, Maitree (March 10, 2017). "Live Oak Bancshares acquires 2 title agencies for $15.8M". S&P Global.
  7. "First Data and Live Oak Bancshares Close Deal for Digital Banking Joint Venture" (Press release). GlobeNewswire. October 2, 2017.
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