Improving Business in the Wilmington Region
Live Oak Bank Adding 204 Jobs and $25 Million Investment to Campus to Further its Mission to Be America’s Small Business Bank
Homegrown Wilmington Lender Enters Next Phase of Market Growth
September 7, 2022 (Wilmington, N.C.) – Live Oak Bank, the pioneering small-business lender founded in Wilmington in 2008, is adding 204 positions to its local workforce over the next five years, North Carolina Governor Roy Cooper announced earlier today. The hiring is part of the bank’s expansion of its lending and technology teams to further support the financial needs of America’s entrepreneurs. The State of North Carolina will provide a Job Development Investment Grant (JDIG) potentially worth $1,539,750 over 12 years in support of the project.
“The best recruiters for our state are North Carolina companies,” said Governor Roy Cooper. “Live Oak Bank is expanding here because its leaders know how much our talented workforce and quality of life mean to their success and North Carolina’s.”
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. The Small Business Administration (SBA) named Live Oak the top SBA 7(a) lender by volume in 2021 and the U.S. Department of Agriculture (USDA) ranked Live Oak as the leading Business & Industry lender in 2021. The company has more than $9 billion in assets and employs more than 900 people, with approximately 690 at its Wilmington-based headquarters.
“Live Oak Bank is proud to call Wilmington home. With more than 900 employees working toward our mission to be America’s small business bank, we are grateful for the support of city, county and state officials for powerful capital investments that will help grow fintech jobs in our community and bring hundreds of dedicated Live Oakers to our campus,” said Live Oak Bank Chairman and CEO James S. (Chip) Mahan III.
Newly created positions will include analysts, underwriters, lending staff, technology managers, information security professionals and other personnel. Salaries for the new positions are intended to exceed an average of $101,000 per year, creating more than $20 million in annual payroll impact for the region.
New Hanover County and the City of Wilmington will provide local grants totaling $500,000 in support of the project.
“Live Oak Bank truly embodies Wilmington’s entrepreneurial spirit,” said Deb Hays, vice-chair of the New Hanover County Commissioners. “This innovative company started here as an idea 14 years ago and has grown into a major facilitator of capital for the U.S. small business sector. We applaud their success and look forward to supporting this exciting new phase in their growth.”
“Live Oak Bank put Wilmington on the map as a financial technology hub, opening up lucrative new job creation opportunities and showcasing our growing, tech-savvy talent pool,” said Wilmington Mayor Bill Saffo. “Congratulations to the bank, its leadership and its employees for the impressive success now taking it to the next level.”
In addition to its banking operations, Live Oak has invested in and helped launch several fintech companies headquartered or doing business in Wilmington that support the local economy and workforce, including nCino, Apiture and DefenseStorm.
“Greater Wilmington grows businesses that aren’t just financially successful – they have real meaning,” said Scott Satterfield, Chief Executive Officer of Wilmington Business Development. “Live Oak Bank is an example of the great things that can happen when companies focus on innovation, performance and outstanding customer service. They set the standard for modern-day financial services, and we’re proud they’ve chosen our region as the backdrop for their continued growth.”
Founded in 1956, Wilmington Business Development oversees business recruitment and industrial retention for the City of Wilmington, New Hanover County and Pender County. A private, non-profit organization, WBD supports members, partners and allies through an array of technical expertise, leadership resources and value-added business services. For additional information, visit www.wilmingtonbusinessdevelopment.com
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