Live Oak Bancshares Inc Ipo

Live oak bancshares inc ipo

U.S. financial services company

Live Oak Bank is a direct bank headquartered in Wilmington, North Carolina.

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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.

Live oak bancshares inc ipo

Along with Wells Fargo and Newtek Business Services, 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.[1] The company owns three jets, which have been referred to as "branches that fly".[2]

History[edit]

The bank was founded in February 2008 by James S.

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Mahan III, who also founded Cardinal Bank and S1 Corporation.[1] At first, the bank lent only to veterinarians.[3]

On July 23, 2015, the company became a public company via an initial public offering.[4]

In April 2017, the company acquired Reltco Inc. and National Assurance Title Inc., title insurance companies based in Tampa, Florida, for $15.8 million.[5][6]

In October 2017, the company entered into a joint venture with First Data.

NEWS & ANALYSIS

The company, called Apiture, provides community and regional banks with technology.[7]

References[edit]

  1. ^ abcdefgh"Live Oak Bancshares, Inc.

    2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.

  2. ^Sterngold, James (September 3, 2015). "An Online Bank With a Personal Touch".

    Live oak bancshares inc ipo

    The Wall Street Journal.

  3. ^Sposito, Sean (June 1, 2013). "Lending in the Cloud: Man Behind First Web Bank Is Back".

    Live Oak Presents: Earned Fulfillment

    American Banker.

  4. ^"Live Oak Bancshares, Inc. Announces Pricing of Its Initial Public Offering" (Press release).

    Live oak bancshares inc ipo

    GlobeNewswire. July 23, 2015.

  5. ^Manning, Margie (April 27, 2017).

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    "Two Tampa title agencies sell for $16M". American City Business Journals.

  6. ^Christian, Maitree (March 10, 2017).

    Live oak bancshares inc ipo

    "Live Oak Bancshares acquires 2 title agencies for $15.8M". S&P Global.

  7. ^"First Data and Live Oak Bancshares Close Deal for Digital Banking Joint Venture" (Press release).

    Live oak bancshares inc ipo

    GlobeNewswire. October 2, 2017.

External links[edit]

The bank's headquarters in Wilmington, North Carolina

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