Live Oak Bank to Expand Workforce to Support Its Mission to Be America’s Small Business Bank
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.
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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.
Details
News Market Reaction – LOB
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WILMINGTON, N.C., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Live Oak Bank commits to adding 204 jobs over the next five years and investing
The state and local grants, totaling more than
Live Oak intends to hire employees with an average salary of more than
“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
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