Live Oak Bank

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. The company’s products help customers buy, build and expand their business, and high-yield savings and CD products grow customers’ hard-earned money. Live Oak, headquartered in Wilmington, NC, serves small business owners in all 50 states and is the leading SBA and USDA lender by dollar volume[1][2] in the country.

Live Oak Banking Company
TypePublic company
NASDAQ: LOB
Russell 2000 Component
IndustryBanking
Founded2008
HeadquartersWilmington, North Carolina
Key people
James S. Mahan III, Chairman

Huntley Garriott, President

S. Brett Caines, CFO

Neil Underwood, President, Live Oak Bancshares
Total assets $6.36 billion (excluding PPP)5
Total equity $567.9 million5
Number of employees
600 (2021)
Websitewww.liveoakbank.com
Live Oak Bank's Headquarters in Wilmington, NC

History

Founded in 2008 by James S. (Chip) Mahan III, Live Oak initially focused on lending to niche industries such as veterinarians and dentists. Today, the bank lends to more than 30 specialized industries in all 50 states and has more than a dozen general lenders in markets across the country that directly serve small business owners. The bank specializes in SBA and USDA loans and offers business and personal deposit products on its branchless, digital platform. Live Oak has deep roots in fintech and utilizes next-generation, cloud-based technology to deliver exceptional customer service, efficiency and expertise to customers.

Live Oak Timeline

  • 2008 - Live Oak Bank founded
  • 2011 – nCino created by Live Oak’s founders
  • 2012 - $1.2 billion originated[3]
  • 2013 – Live Oak Ventures formed
  • 2014 – nCino spun out to shareholders
  • 2014-17 – Live Oak was awarded “Best Bank to Work For” by American Banker[4]
  • 2015 – Live Oak Bank files for its initial public offering (Nasdaq: LOB)
  • 2015 – Launch of Digital Bank
  • 2017-2020 – Named the number one SBA 7(a) lender in the country[2]
  • 2017 – Apiture was founded in a joint venture with First Data and is part of Live Oak’s fintech ecosystem.
  • 2018 – Business model shifts to holding loans
  • 2019 – Live Oak is named the highest dollar volume USDA lender in the country[1]
  • 2019 - $10.95 billion originated[3]
  • 2020 – Canapi Ventures launches $545 million fintech investment fund
  • 2020 – Live Oak Bank goes live on Finxact core

References
  1. "Live Oak Bank was awarded the 2020 Commercial Lender of the Year by the U.S. Department of Agriculture (USDA) for dollar amount in FY 2020" (PDF). www.rd.usda.gov. December 15, 2020. Retrieved February 2, 2021.
  2. "The data supplied by the SBA reflects 7(a) highest dollar volume during FY 2020". www.sba.gov. Retrieved February 2, 2021.
  3. Data sourced internally, from inception. Live Oak Bank.
  4. "American Banker: Best Bank to Work for in 2014, 2015, 2016 and 2017". www.americanbanker.com.

5. As of Q4 2020 Earnings Report

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