Lee Williams was elected vice chairman of Live Oak Bancshares and Live Oak Banking Company at its annual shareholders meeting May 1.

Williams was one of the founders of the bank, which was formed in 2006. Since then, he has managed customer portfolios and focused on business development.

“I am excited to take on this additional role at Live Oak,” Williams said in a press release. “When we started this bank in 2006, we had no idea it would become what it has today with 72 employees based all across the country. We are diversifying and growing, and I look forward to seeing where the future takes this company.”

Live Oak is building a 36,000 square-foot headquarters building near the corner of Independence and Shipyard Boulevards.

Prior to starting Live Oak Bank, Williams spent 19 years in corporate banking at Wachovia and 14 years at Vine Street Financial doing SBA lending.

“As a personal friend, business partner and one of the founders of Live Oak Bank, I am glad to see Lee Williams join our Board,” said Chip Mahan, Live Oak’s CEO, in the release. “I feel that we have a strong group leading and overseeing our company, which makes me feel very optimistic about the future of our business. We are in good hands.”

Williams is a graduate of the University of North Carolina at Chapel Hill with a Bachelor of Science degree in business administration.