WILMINGTON – Live Oak Bank will add 204 jobs in Wilmington, and employees who fill those jobs will earn six figures annually, on average, under the terms of a deal made between the company and the state of North Carolina.
North Carolina Governor Roy Cooper and other state officials announced the project on Wednesday afternoon at the bank’s existing headquarters location in Wilmington alongside local leaders and company executives.
“Live Oak Bank is expanding here because its leaders know how much our talented workforce and quality of life mean to their success and North Carolina’s,” said Governor Cooper.
The deal between the state and the company, along with a package of performance-based economic incentives valued at more than $2 million over a 12-year period, was approved unanimously by the state’s Economic Investment Committee on Wednesday morning during a conference call.
The Economic Investment Committee also approved a deal with a manufacturer of lithium-ion batteries, who plans to invest $40 million in Alamance County and hire 133 local workers, on Wednesday.
Battery manufacturer picks Alamance County for $40M expansion, new jobs
New jobs will be high-paying roles
Live Oak Bank currently employs 643 workers in New Hanover County, and another 30 elsewhere in the state of North Carolina, according to a presentation from a state employee during the conference call.
According to the presentation during the conference call, the expansion in Wilmington will result in the company hiring an additional 204 employees who will earn average annual wages of $101,758. The average annual wage in New Hanover County is $53,421.
The company will also receive $500,000 in economic incentives, combined, between the City of Wilmington and New Hanover County.
Live Oak Bank also considered Austin and Dallas, as well as Atlanta, for the expansion.
The company anticipates investing at least $25 million in the expansion by the end of 2026.
“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 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,” said Live Oak Chairman and CEO James S. (Chip) Mahan, III in a statement.
Fintech warning: Banking industry sees light at end of tunnel – an express train headed right at it
Additional details
A Job Development Investment Grant was approved by the state’s Economic Investment Committee and will provide incentives on a 12-year term.
An economic model used by the state of North Carolina estimated that the project would increase the state’s gross domestic product by $1.1 billion during the 12-year grant period and increase net state revenue by $34 million in that same period.
The agreement authorizes the potential reimbursement of up to nearly $1.4 million over the 12-year grant period, according to the statement.
The bank appeared as the top-ranked North Carolina firm in a 2019 list of the fastest growing companies in the United States.
Live Oak Bank is a subsidiary of Live Oak Bancshares, Inc., a publicly-traded, cloud-based, FDIC-insured bank with customers in all 50 U.S. states.
