Live Oak Bank commits to $25M in expansions, expects $2M of state, local grants

Sep. 07, 2022 4:35 PM ETLive Oak Bancshares, Inc. (LOB)By: Liz Kiesche, SA News Editor

Old Fashioned Bank Sign

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  • Live Oak Bancshares (NASDAQ:LOB) has committed to adding 204 jobs over the next five years and investing $25M in campus expansions in exchange for investment grants from the state of North Carolina, New Hanover county, and the city of Wilmington, the company said Wednesday.
  • The state and local grants will total more than $2M and are expected to be received over a period of five to 12 years.
  • Live Oak (LOB) plans to hire employees with an average salary of more than $101K. Newly created positions will include analysts, underwriters, lending staff, technology managers, information security professionals, and other personnel. The new jobs will create more than $20M in annual payroll impact for the region, Live Oak said.
  • The company plans to expand its Wilmington, NC, campus and break ground on its fourth employee building later this year.
  • SA contributor Sheen Bay Research sees Live Oak's (LOB) expense growth undermining its strong loan growth

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