Another Wilmington-based company is seeking incentives from city and county officials for a possible expansion of its company.

Live Oak Bank, which recently constructed and relocated its new headquarters to 1741 Tiburon Drive in the Tiburon Park office development, is planning a $16 million expansion that could bring 120 high-paying jobs to the city and county, according to a Friday city news release.

As part of the planned expansion, Live Oak officials are asking New Hanover County to make a partnership payment of $325,000 over the next five years, while Wilmington city officials are being asked to pony up $250,000 over the same period, the news release said.

Both commissioners and city council members will consider the incentives, called and “inducement payment,” at its Sept. 16 and 17 meetings of the New Hanover County Board of Commissioners and Wilmington City Council, respectively.

As with most incentive requests, public hearings will coincide for each.

If the incentives are approved, bank officials would be required within five years to complete the bank expansion and add the 120 jobs to its workforce, which would pay an average annual wage of $80,000, according to the news release.
Live Oak Bank continues to be one of the fastest-growing lenders in the country – ranking second in the nation in Small Business Administration 7a loans, and fifth-highest SBA lender in North Carolina in the first seven months of 2013.

Since August, Live Oak Bank approved 28 loans in the state for a total of $23,658,000.

The firm recently opened its new two-story, 37,000-square-foot office headquarters in the Tiburon Park office development near the intersection of Independence and Shipyard boulevards.

Wilmington-based LS3P architectural firm, and the Wilmington division Clancy & Theys Construction completed the facility in June.