Live Oak Bank to Expand Workforce to Support Its Mission to Be America’s Small Business Bank

Rhea-AI Summary

Live Oak Bank announced plans to add 204 jobs and invest $25 million in campus expansions over the next five years, supported by over $2 million in grants from North Carolina and local authorities. The new positions, with an average salary exceeding $101,000, will contribute more than $20 million annually to the local payroll. The grants include $1,539,750 from the NC Job Development Investment Grant, $300,000 from New Hanover County, and $200,000 from Wilmington. Live Oak plans to break ground on its fourth employee building soon.

Positive

• Creation of 204 new jobs in the next five years.
• Total investment of $25 million in campus expansions.
• Average salary of new positions is over $101,000.
• Expected annual payroll impact of over $20 million for the region.
• Received over $2 million in state and local investment grants.

Negative

• None.

WILMINGTON, N.C., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Live Oak Bank commits to adding 204 jobs over the next five years and investing $25 million in campus expansions thanks in part to three investment grants given by the State of North Carolina, New Hanover County and the city of Wilmington.

The state and local grants, totaling more than $2 million, are expected to be received over 5 to 12 years.

Live Oak intends to hire employees with an average salary of more than $101,000. Newly created positions will include analysts, underwriters, lending staff, technology managers, information security professionals and other personnel. This creates more than $20 million in annual payroll impact for the region.

“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 local, 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 Chairman and CEO James S. (Chip) Mahan, III.

The investment grants include:

• NC Job Development Investment Grant: $1,539,750
• New Hanover County Investment Grant: $300,000
• City of Wilmington Investment Grant: $200,000
  

In addition, Live Oak plans to expand its Wilmington campus and break ground on its fourth employee building later this year. Live Oak selected LS3P architects to design the building, along with builders Monteith Construction and Swinerton as the commercial construction companies.

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 that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com. 

Contact:
Claire Parker | SVP Corporate Communications
Media Relations
910.597.1592

 

FAQ

What is Live Oak Bank's job creation plan?

Live Oak Bank plans to create 204 jobs over the next five years.

How much is Live Oak Bank investing in campus expansions?

Live Oak Bank is investing $25 million in campus expansions.

What is the average salary for the new positions at Live Oak Bank?

The average salary for the new positions will exceed $101,000.

What grants did Live Oak Bank receive?

Live Oak Bank received over $2 million in grants, including $1,539,750 from NC Job Development Investment Grant.

When will Live Oak Bank break ground on the new building?

Live Oak Bank plans to break ground on its fourth employee building later this year.