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

georgeclerk/E+ via Getty Images

  • 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

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.