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 U.S. Bancorp, 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. The company owns two jets, which have been referred to as "branches that fly".
Video Live Oak Bank
History
The bank was founded in February 2008 by James S. Mahan III, who also founded Cardinal Bank and S1 Corporation. At first, the bank lent only to veterinarians.
On July 23, 2015, the company became a public company via an initial public offering.
In April 2017, the company acquired Reltco Inc. and National Assurance Title Inc., title insurance companies based in Tampa, Florida, for $15.8 million.
In October 2017, the company entered into a joint venture with First Data to provide community and regional banks with technology.
Maps Live Oak Bank
References
External links
Source of the article : Wikipedia
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