Live Oak Bank
A branchless American bank specializing in loans and deposit products for small businesses across the United States.
Last updated August 22, 2026
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Overview
Live Oak Bank is an American branchless bank headquartered in Wilmington, North Carolina, and a subsidiary of publicly traded Live Oak Bancshares, Inc. Founded in 2008 by James S. (Chip) Mahan III, the bank was created around a specialized-lending model rather than a conventional branch network. Its initial focus was on professional-service businesses, including veterinary and dental practices, where industry-specific underwriting knowledge could support more tailored lending decisions. The bank subsequently broadened its reach to more than 35 specialized industries and serves small-business owners in all 50 states. The bank’s principal lending activities include Small Business Administration (SBA) 7(a) loans, United States Department of Agriculture (USDA) loans, and other commercial lending products. Its industry coverage has expanded to areas such as healthcare, agriculture, renewable energy, government contracting, automobile businesses, and venture-backed companies. Live Oak combines specialized lending teams with a digital operating model, allowing customers to apply for and manage banking products online rather than through a traditional branch network. It also offers business and personal deposit accounts and, since 2022, Tidal Small Business Checking. Technology has been central to the company’s development. Live Oak’s founders created nCino, a cloud banking-software business that was spun out as a separate company, while the bank later partnered with First Data to create Apiture, an open-API banking platform. Live Oak also adopted Finxact as its core banking and loan-origination platform, first using it for loan origination and later extending it to retail and commercial deposits. Its technology activities were further supported by Live Oak Labs, established at North Carolina State University’s Centennial Campus in Raleigh. The company has built a national profile through its SBA and USDA lending performance. It was identified as the leading SBA 7(a) lender by dollar volume in 2022 and was described as a leading SBA lender over multiple preceding years. In 2019, it was also identified as the country’s highest-dollar-volume USDA lender. The bank has supplemented its core lending business with venture banking, fintech investment activity through Live Oak Ventures and Canapi Ventures, and related financial-services businesses within the Live Oak Bancshares group. Live Oak has expanded its physical presence through offices in Wilmington, Raleigh, Charlotte, Dallas, Washington, D.C., and California, while continuing to operate as an online-only customer bank. The Washington, D.C. office was established in 2017 to support renewable-energy and government-contracting lending. Dallas operations followed in 2022, and the company has also developed facilities and community initiatives in Wilmington. In 2021, it became the naming sponsor of the Live Oak Bank Pavilion concert venue and announced plans for Channel, a small-business center in downtown Wilmington. Leadership and corporate structure have evolved alongside the bank’s growth. Huntley Garriott became president in 2019 after a career at Goldman Sachs, and William B.J. Losch succeeded him as president in 2023 while continuing his executive role as chief financial officer. Live Oak Bancshares moved its stock listing from Nasdaq to the New York Stock Exchange in December 2022 under the ticker LOB. The bank remains focused on digitally delivered lending and deposits for American small businesses, with specialized underwriting and financial-technology partnerships as defining elements of its brand.
History
Live Oak Bank was founded in 2008 in Wilmington, North Carolina, by James S. (Chip) Mahan III. Its original business model concentrated on lending to narrowly defined professional and business sectors, including veterinary and dental practices. This approach allowed the bank to develop sector-specific underwriting expertise and compete for small-business borrowers without building a large branch network. The company expanded its specialized lending model nationally. It eventually served more than 35 industries in all 50 states and added general lenders in multiple markets. SBA and USDA programs became important parts of its offering, alongside conventional commercial loans and deposit products. The bank was subsequently recognized as a leading SBA 7(a) lender and, in 2019, as the highest-dollar-volume USDA lender in the United States. In 2017 it established a Washington, D.C. office to support renewable-energy and government-contracting finance, and later added lending capability in the automobile sector. Technology ventures were an important part of the wider Live Oak story. The founders created nCino in 2011 as a banking-software initiative; the business was spun out to shareholders in 2014. In 2017, Live Oak and First Data formed Apiture, an open-API banking platform. Live Oak also began working with Finxact in 2018. By 2020, Finxact supported loan origination, and by 2021 the bank had moved its retail and commercial deposit accounts to the platform. These relationships reinforced Live Oak’s image as a technology-oriented financial institution. The bank entered venture banking in 2019 and developed an investment ecosystem through Live Oak Ventures, later associated with Canapi Ventures. Canapi launched a large fintech-focused fund in 2020. Live Oak also established Live Oak Labs at North Carolina State University’s Centennial Campus in Raleigh in 2020, creating a base for technology development. Its geographic footprint grew with offices in Raleigh, Charlotte, Dallas, Washington, D.C., California, and Wilmington, although customer banking remained branchless and digital. Leadership changed during the expansion period. Scott Custer served as president from 2017 until 2018. Huntley Garriott became president in September 2019 after leaving Goldman Sachs. In 2021, the bank appointed Renato Derraik as chief information and digital officer and William B.J. Losch as chief financial officer. Losch became president in August 2023, replacing Garriott. Live Oak also increased its community and civic presence in Wilmington. In 2021, it became the naming sponsor of the Live Oak Bank Pavilion, an amphitheater formerly known as the Riverfront Park Amphitheater, and announced Channel, a planned small-business center in downtown Wilmington. In December 2022, the parent company moved its public stock listing from Nasdaq to the New York Stock Exchange under LOB. The bank continues to operate as an online institution serving American small businesses through specialized lending, digital deposits, and technology-enabled financial services.
- 2023
Presidency changes
[1]William B.J. Losch became president, succeeding Huntley Garriott.
- 2022
Tidal Small Business Checking launched
[1]Live Oak introduced its first small-business checking product.
- 2022
NYSE listing begins
[1]Live Oak Bancshares moved its stock listing from Nasdaq to the New York Stock Exchange under ticker LOB.
- 2021
Digital and community expansion
[1]The bank appointed new senior technology and finance leaders, sponsored the Live Oak Bank Pavilion, and announced the Channel small-business center.
- 2020
Live Oak Labs established
[1]The bank established a technology office at North Carolina State University’s Centennial Campus in Raleigh.
- 2019
Venture banking expansion
[1]Live Oak entered venture banking and was recognized as the highest-dollar-volume USDA lender in the United States.
- 2018
Finxact partnership begins
[1]Live Oak began its relationship with cloud-based core banking provider Finxact.
- 2017
Washington, D.C. office established
[1]Live Oak opened a Washington, D.C. office to support renewable-energy and government-contracting loans.
- 2017
Apiture joint venture formed
[1]Live Oak and First Data established Apiture, an open-API banking platform.
- 2014
nCino spun out
[1]nCino was separated from Live Oak and spun out to shareholders.
Products and positioning
A digital, specialized-industry bank for small-business owners, combining national reach with sector-focused commercial underwriting.
Small-business lending
SBA 7(a) loans
Government-backed SBA 7(a) financing is one of Live Oak Bank’s central offerings. The bank uses specialized industry teams and a digital application process to serve small-business borrowers across the United States. The product can support business acquisition, expansion, refinancing, equipment, real estate, and other eligible business purposes, subject to SBA rules and underwriting.
Small-business lending
USDA business loans
Live Oak provides USDA-backed business financing, particularly for eligible rural and agricultural enterprises. Its USDA specialization formed part of the bank’s national lending strategy and contributed to its recognition as a high-dollar-volume USDA lender.
Business deposits · 2022
Tidal Small Business Checking
Tidal Small Business Checking is Live Oak’s digital checking product for small businesses. Introduced in 2022, it broadened the bank’s deposit offering beyond savings and other account products and is delivered through the institution’s branchless online platform.
Commercial lending · 2008
Specialized industry loans
Live Oak organizes lending around specific industries, including healthcare, agriculture, professional practices, renewable energy, government contracting, automobile businesses, and other specialized sectors. Industry-focused teams provide sector knowledge intended to complement the bank’s online origination and servicing model.
Deposits
Business and personal deposit accounts
The bank offers business and personal deposit products through its digital platform. Live Oak migrated these accounts to the Finxact core banking platform by 2021, supporting its strategy of operating as a branchless institution.
Controversies
2022
Settlement of employee hiring litigation
Live Oak, nCino, and Apiture reached a reported $4.65 million settlement covering approximately 1,911 people who had worked at the companies since 2017. The settlement resolved the reported class-action claims without this dossier making a finding on the allegations.
2021
Employee hiring antitrust lawsuit
A class-action lawsuit alleged that Live Oak Bank, nCino, and Apiture coordinated to avoid hiring one another’s employees. The allegations followed an earlier demand letter received by Live Oak in 2020 concerning possible antitrust violations.
Marketing campaigns
- 2021Live Oak Bank Pavilion sponsorship
Wilmington, North Carolina
Live Oak became the official sponsor and naming partner of Wilmington’s Riverfront Park Amphitheater, which became known as the Live Oak Bank Pavilion.
Outcome. The venue continued operating under the Live Oak Bank Pavilion name, extending the bank’s local community presence beyond financial services.
- 2021Channel small-business center
Wilmington, North Carolina
Live Oak announced plans for Channel, a downtown Wilmington center intended to support small businesses and entrepreneurship.
Outcome. The initiative reinforced the bank’s positioning around small-business growth and its Wilmington roots.
Brand decisions
2023
B.J. Losch becomes presidentOtherBackground
Live Oak’s leadership structure changed after Huntley Garriott’s period as president.
Action taken
Chief financial officer William B.J. Losch became president in August 2023.
Aftermath
Losch assumed the presidency while continuing to be identified as the company’s chief financial officer in the cited material.
2022
Tidal Small Business Checking launchProduct launchBackground
Live Oak wanted to broaden its digital deposit products for small-business customers.
Action taken
It launched Tidal Small Business Checking, its first small-business checking product.
Aftermath
The launch expanded the bank’s transaction-account offering while preserving its online-only delivery model.
2022
Transfer to NYSE listingStrategyBackground
Live Oak Bancshares sought to change the marketplace on which its publicly traded shares were quoted.
Action taken
The parent company transferred its stock listing from Nasdaq to the New York Stock Exchange under LOB.
Aftermath
The company began trading on the NYSE in December 2022.
2020
Finxact core-banking implementationStrategyBackground
Live Oak was pursuing a technology-led, branchless operating model for lending and deposits.
Action taken
The bank went live on Finxact for loan origination and later migrated retail and commercial deposit accounts to the platform.
Aftermath
Finxact became part of the bank’s digital operating infrastructure by 2021.
2018
Shift toward holding loansStrategyBackground
The bank adjusted its balance-sheet and lending model as it expanded its specialized commercial-loan business.
Action taken
Live Oak shifted its business model toward holding loans rather than relying primarily on other dispositions.
Aftermath
The change supported the bank’s development as a full-service lending institution, although the cited material does not provide detailed financial results.
2017
Apiture joint ventureM&ABackground
Live Oak sought to build a broader financial-technology ecosystem alongside its specialized banking operation.
Action taken
It formed Apiture with First Data as an open-API banking platform.
Aftermath
Apiture became a separate technology business associated with the Live Oak fintech ecosystem.
Recent events
LendingUSA partners with Live Oak Bank[3]
Reported:
LendingUSA partnered with Live Oak Bank so funeral homes enrolled with LendingUSA could access Live Oak Bank small business loan products.
Live Oak Bank launches new business banking experience[4]
Reported:
Live Oak Bank launched a new business banking experience built with Apiture Open, integrating digital account opening, savings and CDs.
Sources4 sources
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