Banking & Finance

Live Oak Bancshares Named In Fortune's 100 Fastest-Growing List

By Johanna Cano, posted Aug 16, 2019
Live Oak Bancshares has been named as one of Fortune’s 100 Fastest-Growing Companies in the world, ranking in as No. 36.

The Wilmington-based company ranked on Fortune's list based on its three-year revenue, profit and stock return performance.

“We strongly believe in a model of soundness, profitability and growth, in that order, and we are proud of the hard work our teams have done to successfully provide American small business owners with the capital they need to support the backbone of our economy,” said Chip Mahan, Live Oak Bancshares chairman and CEO, in a news release. “Technology and service are at the heart of our business and as we grow, we will continue to invest innovatively to change financial services for the better.”

According to Fortune, Live Oak Bancshares had a $264 million revenue and $41 million in net income in the past four quarters and a 40% revenue growth in the past three years.

The company also had a 74% annual earnings per share growth over three years.

Live Oak Bank, a subsidiary of Live Oak Bancshares, launched in 2009 and has lent more than $9 billion to small business owners, according to the release.

Live Oak Bancshares joins three other North Carolina businesses that also ranked on the list, including Southern Pines-based First Bancorp.

Companies that qualify for the ranking must be trading on a major U.S. stock exchange, file quarterly reports with the U.S. Securities and Exchange Commission and have a minimum capitalization of $250 million.

Fortune ranked the companies based on revenue growth rate, earnings per share growth rate and three-year annualized total return for the period ended June 28.

Momo, a China-based internet services and retailing business, ranked as No.1.
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