Live Oak Bancshares Appoints David G. Lucht to Board of Directors

Rhea-AI Summary

Live Oak Bancshares has appointed David G. Lucht to its board of directors effective immediately. Lucht is a founding member of Live Oak Bank and previously served as executive vice president of credit, retiring in December 2020. His extensive experience includes leadership roles at financial institutions where he improved credit culture and performance. Live Oak's chairman, Chip Mahan, expressed excitement about Lucht’s return, highlighting his dedication and influence on the bank's trajectory. Lucht aims to support the bank's mission to assist customers and entrepreneurs.

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• David G. Lucht's return to the board brings extensive experience and established dedication to Live Oak, potentially strengthening leadership.
• Lucht's background in credit risk management may enhance the company's strategic direction.

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• None.

WILMINGTON, N.C., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Live Oak Bancshares announced today the appointment of David G. Lucht to its board of directors effective immediately. Lucht has also been appointed to the board of directors of Live Oak Bank.

“David has been part of the heart and soul of Live Oak since its earliest days,” said Live Oak Chairman and CEO James S. (Chip) Mahan, III. “We are thrilled to have him join the board and continue leading the organization with the incredible level of dedication and acumen that has helped get us where we are today.”

Lucht is a founding member of the Live Oak Bank team and most recently served as executive vice president of credit before retiring in December 2020. He joined Live Oak in 2007 and helped design the bank’s approach to identifying and managing credit risk. Additionally, Lucht helped shape the corporate culture of the company since its inception and his leadership will continue to drive the company’s trajectory.

Prior to his career at Live Oak, Lucht held executive positions at financial institutions including chief credit officer, executive vice president and director at First Merit Bank in Akron, OH, where he was responsible for leading a turnaround in the credit culture and performance of the $10.5 billion bank. Prior to First Merit, Lucht served as senior credit officer of National City Bank.

Lucht received a bachelor of science degree in marketing from Miami University in Ohio and a master’s in business administration from Kent State University.

“It is a privilege to continue working for Live Oak to help its customers achieve the American Dream,” said Lucht. “There is truly no bank like Live Oak, and I am honored to join the board of directors to continue serving our employees, our country’s entrepreneurs and our shareholders.”

About Live Oak Bancshares
Live Oak Bancshares, Inc. (Nasdaq: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses who share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com. 

Contact:
Claire Parker, SVP of Corporate Communications
910.597.1592
claire.parker@liveoak.bank

FAQ

Who is David G. Lucht and what role has he been appointed to in Live Oak Bancshares?

David G. Lucht has been appointed to the board of directors of Live Oak Bancshares and Live Oak Bank, effective February 23, 2021.

What is David G. Lucht's professional background?

Lucht is a founding member of Live Oak Bank and previously served as executive vice president of credit. He has held key positions in other financial institutions, focusing on credit management.

What impact might David G. Lucht's appointment have on Live Oak Bancshares?

Lucht's appointment may enhance the bank's leadership and strategic approach, given his extensive experience in credit risk management.