Print
Banking & Finance

Live Oak Bank Sprouts A Presence In Raleigh

By Jenny Callison, posted Jan 20, 2020
In early January, Live Oak Bank held a grand opening for its new offices on the N.C. State Centennial Campus. (Photo courtesy of Live Oak Bank)
Live Oak Bank is putting down roots in a second location.
 
While the Wilmington-based bank is adhering to its no-branches business model, earlier this month it hosted a grand opening for its satellite office on the N.C. State University Centennial Campus in Raleigh (at left). The new location houses Live Oak Labs, Live Oak’s technology unit, as well as some corporate offices.
 
“Live Oak Labs  . . . supports and runs all the software that runs the bank and creates new software and offerings for our clients [to enhance] their banking with Live Oak,” said Brian Lora, the Live Oak Bank's chief technology officer.
 
The software that Live Oak Labs employees develop and refine supports the bank’s growing deposits side, Lora said. For Live Oak’s lending functions it still uses the current version of the loan origination software it built in the bank’s early days. In 2012, Live Oak Bank spun off that software development into a new company, nCino, which is a separate entity and which continues to expand its Bank Operating System.
 
It made sense to open a location in Raleigh, Lora said. One reason is the amount of tech talent in the Triangle area and the opportunity to raise Live Oak’s visibility there.
 
“We’re trying to raise awareness and hire talent there,” he said, adding that some employees who begin their Live Oak career at the labs may migrate to the coast.
 
“Two people that we hired in Raleigh are now moving to Wilmington,” he said. “We are a rapidly growing business, and need more tech talent. We continue to recruit within Wilmington and hire tech talent here, but we need more longer-term talent to sustain our growth.”
 
Currently, Live Oak Labs employs more than 40 people in the two cities.
 
Another reason to sink roots in Raleigh is the opportunity to partner with N.C. State, according to Live Oak spokeswoman Madison Carlos.
 
“That partnership is definitely a big part of this,” she said.
 
And having a presence on the Centennial Campus – the first bank to locate there – enables Live Oak Labs to become active in the Raleigh tech community, as it already is in Wilmington.
 
“We’ve hosted a lot of different events, such as a hackathon in Wilmington, and we’ve done a lot of work with N.C. State on hackathons, design programs and internships,” Lora said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Alexandra

Creating And Using A Home Inventory List

Alexandra Lysik - Cavik Insurance
Sherrip2019 insights profile

That’s Who We Are

Sherri Pridgen - Cape Fear REALTORS®
Mike stonestreet 300x300

How To Handle Increasing Member Assessments

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Intracoastal Buys Bald Head Island Ltd.’s Housing Sales Business

Cece Nunn - Feb 18, 2020

Earth Fare Shares Layoff Numbers, Additional Closure Details

Cece Nunn - Feb 17, 2020

Atlantic Packaging Acquires SC Firm

Christina Haley O'Neal - Feb 18, 2020

Dosher Hospital CEO Stepping Down

Cece Nunn - Feb 17, 2020

Murchison, Taylor & Gibson Names New Partner

Christina Haley O'Neal - Feb 18, 2020

In The Current Issue

Drawing On Leadership Skills

LS3P’s Laura Miller has had a hand in many projects over the course of her nearly 20- year career as an architect. But her passion for the i...


Apple Trip Highlights Education, Tech

While very much a local issue, what to do with New Hanover Regional Medical Center is gaining attention from the state level....


Baking Up A Sweeter Retirement

More than half of North Carolina’s workers –1.7 million people – have no access to a retirement savings plan through their employers, an iss...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`