Live Oak Bank, a digital, cloud-based bank, announced it will create 204 new jobs in New Hanover County and will invest $25 million in Wilmington to expand at its current location. The company’s expansion includes constructing a new office building to support additional lending and technology personnel. Headquartered in Wilmington, Live Oak Bank is FDIC-insured and is a leading USDA and SBA lender that supports small businesses in all 50 states. Live Oak Bank is a subsidiary of Live Oak Bancshares [NASDAQ: LOB].
Live Oak Bank’s expansion will include various positions such as analysts, data scientists, network engineers and underwriters. Salaries for these new positions will vary, but the anticipated average salary will be more than $101,000, which is higher than New Hanover County’s average salary of $53,421. The annual payroll impact can potentially be $20.7 million.
“Live Oak Banks’ decision to expand in the state shows that North Carolina has everything a business in the fintech industry needs to thrive,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “North Carolina has a best-in-class workforce that includes over 490,000 in the fintech industry and one of the strongest pools of STEM-educated workers in the nation.”
The Economic Development Partnership of North Carolina would like to recognize the North Carolina Department of Commerce as well as other key partners involved in this project, including the North Carolina General Assembly, North Carolina’s Southeast, New Hanover County, City of Wilmington, Wilmington Business Development and Cape Fear Workforce Development.