The CEO of Live Oak Bancshares Inc. bought nearly $1.2 million in company stock last week, according to a filing with the Securities and Exchange Commission.

James “Chip” Mahan III bought 40,200 shares of the Wilmington-based company’s stock in two transactions Aug. 1. In one transaction, he bought 600 shares for $29 each. In the other transaction, he purchased 39,600 shares for $29.44 each.

Mahan now owns more than 3 million shares of the company’s stock. That stake is worth nearly $90 million.

Mahan is the founder and chairman of the board of the company. He is also a founding member of Wilmington-based nCino Inc. and serves on nCino’s board of directors.

Prior to Live Oak, he was the chief executive officer and chairman of the board for S1 Corp. and founder of Security First Network Bank, the world’s first internet bank.

Under his leadership, S1 Corp. grew to become a $234 million software and services provider in only six years, averaging more than 200 percent growth year over year. At its peak, S1 had a market capitalization of $7.8 billion.

Prior to founding Security First Network Bank and S1 Corp., he launched Cardinal Bancshares, where he served as chairman and chief executive officer.

Live Oak focuses primarily on providing loans to companies through the U.S. Small Business Administration. It went public in 2015.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism.