Live Oak Bancshares has selected a former Goldman Sachs partner to lead its bank, the Wilmington-based company announced Monday morning.

Huntley Garriott will become president of Live Oak Bank, starting around Oct. 1, according to a news release, which stated that Garriott “will bring a wealth of experience as the bank continues to expand into new industries, products, and solutions to support its growing customer base.”

Garriott served as partner at Goldman Sachs working in the Financial Institutions Group in the Investment Banking Division and was co-head of Goldman Sachs’ Banks and Specialty Finance team, the release stated.

He also covered regional banks throughout the U.S. and, in his 20 years in investment banking, focused on traditional investment banking, private equity investing, debt capital markets and risk management, according to the release. He became a partner at Goldman Sachs in 2014.

“We couldn’t be more excited to have Huntley leading the next phase of growth at Live Oak Bank,” Live Oak Chairman and CEO James (Chip) Mahan said in the release. “As we continue to scale our business, his knowledge of banking and his experience with the top financial services companies in the world will be a significant asset to our employees, customers and our shareholders.”

Live Oak Bank’s current president, Scott Custer, will remain at the bank in a senior position to focus on Live Oak’s strategic development goals, according to the release. Officials said Monday the details of Custer's new position are in development and will be determined in the coming months. He will remain Live Oak Bank's president until Garriott arrives.
 
“Scott has been instrumental in adding a new level of sophistication to our business model,” said Mahan. “Scott’s work help set the foundation for bringing Huntley on board, and together they will continue to steer the bank toward an exciting future.”