The Bank Slate


Live Oak in N.C. to invest $25M to expand in home state

Live Oak Banchares in Wilmington, N.C., plans to invest $25 million and create 204 jobs in North Carolina’s Hanover County as part of a campus expansion. 

The expansion includes the construction of a new office building to support lending and technology personnel for new products and services. 

“We are grateful for the support of city, 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,” Chip Mahan, the $9.1 billion-asset company’s chairman and CEO, said in a press release.

Live Oak plans to hire analysts, data scientists, loan servicing specialists, network engineers, paralegals and underwriters. The average salary is expected to exceed $101,000. 

Live Oak’s expansion will be partially facilitated by a Job Development Investment Grant (JDIG) from North Carolina. Under the program, Live Oak could be reimbursed up to $1.5 million over 12 years. 

The JDIG agreement also calls for moving $513,250 into the state’s Industrial Development Fund – Utility Account, which helps rural communities finance infrastructure improvements to attract future business.

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