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Banking & Finance

President Of Wilmington Bank Buys $276,000 In Company Stock

By Jasmin Herrera, posted Jan 31, 2019

The president of Wilmington-based Live Oak Bank has purchased an additional 20,000 shares in the bank.

Huntley Garriott purchased 20,000 shares in multiple transactions at prices ranging between $13.53 and $13.92 a share, according to a Form 4 filed with the Securities and Exchange Commission.

Garriott, a former partner at Goldman Sachs, joined the bank last year and now directly owns 55,000 shares in Live Oak Bank’s parent company Live Oak Bancshares Inc. The company does not have any branches but has offices in North Carolina, Georgia and Washington D.C.

Over his 20-year career at Goldman, Garriott covered regional banks throughout North America and held a variety of roles focused on traditional investment banking, private equity investing, debt capital markets and risk management. He was named managing director in 2007 and partner in 2014.

Live Oak Bank specializes in small business loans and personal banking.

Last week on Jan. 24, Live Oak shares dropped 14 percent, closing at $13.25 a share. Garriott believes that part of that is due to the government shutdown. With institutions such as the Small Business Administration closed, “We’ve been unable to sell any loans in the first quarter of the year,” Garriott said.

Shares are up 6 percent from last Thursday, now at $14.06 in morning trading.

The filing can be found here.

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

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