Live Oak Bank

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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 assetsIncrease $6.94 billion (excluding PPP)[1]
Total equityIncrease $590.4 million[1]
Number of employees
617 (2021)
Websitewww.liveoakbank.com
Live Oak Bank's Headquarters in Wilmington, NC
Live Oak Bank's Headquarters in Wilmington, NC

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, NC, it serves small business owners in all 50 states and was the leading SBA and USDA lender by dollar volume[2][3] in 2020.

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.[citation needed] The bank specializes in SBA and USDA loans and offers business and personal deposit products on its branchless, digital platform. Live Oak Bank

Live Oak timeline[]

  • 2008 - Live Oak Bank founded
  • 2011 – nCino created by Live Oak’s founders
  • 2012 - $1.2 billion originated
  • 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).[5]
  • 2015 – Launch of Digital Bank
  • 2017-2020 – Named the number one SBA 7(a) lender in the country[3]
  • 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[2]
  • 2019 - $10.95 billion originated
  • 2020 – Canapi Venture launches $545 million fintech investment fund
  • 2020 – Live Oak Bank goes live on Finxact core

Subsidiaries[]

  • Apiture, an open API banking platform founded in 2017 as a joint venture between First Data Corporation and Live Oak Bank, is on a mission to reimagine the digital banking experience. With offices in Wilmington, N.C. and Austin, Texas, the company was named one of the Best Fintechs to Work For by American Banker in 2021.[6]
  • Live Oak Private Wealth, an SEC‐registered investment advisory firm, launched in 2018 under Live Oak Bancshares and is based in Wilmington, N.C. Live Oak Private Wealth offers a full spectrum of financial services including investment and wealth advisory services, wealth analytics and solutions, portfolio development, business, estate, retirement and financial planning, technical insights and cash management. Live Oak Private Wealth acquired Jolly Asset Management in 2020.[7]
  • Canapi Ventures is a venture capital firm investing in early to growth‐stage fintech companies. It launched its $650 million fintech fund in 2020 to support innovation in financial services. Canapi Ventures is advised by Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. and CenterHarbor Advisors, an indirect subsidiary of CenterHarbor Holding Company, owned and controlled by Gene Ludwig, former Comptroller of the Currency and the Co‐Founder of Promontory Interfinancial Network. Ludwig and Chip Mahan, Live Oak Bancshares Chairman and CEO, are co-managing partners. The team includes several other financial services and venture capital veterans including Live Oak Bancshares President Neil Underwood, and partners Walker Forehand, Dan Beldy and Jeff Reitman, as well as Senior Advisors Jeffrey Goldstein and Jim Hale. Canapi has offices in Wilmington, N.C., Washington, D.C. and New York City.

References[]

  1. ^ Jump up to: a b "First Quarter 2021". Live Oak Bank. Retrieved April 22, 2021.
  2. ^ Jump up to: a b "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.
  3. ^ Jump up to: a b "The data supplied by the SBA reflects 7(a) highest dollar volume during FY 2020". www.sba.gov. Retrieved February 2, 2021.
  4. ^ "American Banker: Best Bank to Work for in 2014, 2015, 2016 and 2017". www.americanbanker.com.
  5. ^ Sterngold, James (September 3, 2015). "An Online Bank With a Personal Touch". The Wall Street Journal.
  6. ^ "Best Fintechs to Work For 2021". American Banker. March 31, 2021.
  7. ^ "Live Oak Private Wealth Acquires Jolley Asset Management". Live Oak Private Wealth. April 5, 2020.
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