When Live Oak executives let nCino leave the nest, could they have known it would skyrocket to such fame and fortune?   “It did not surprise me at all,” said Live Oak Chairman and CEO James “Chip” Mahan soon after nCino’s July 14 IPO on the Nasdaq, during which the stock price soared from $31 to over $90 per share. About 7.8 million sha ...

In just over a week, the Port City is set to see the full-fledged arriv­al of one of its newest communi­ty banks.   First Carolina Bank, which opened a loan production office in the Mayfaire area in mid-2017 and has since expanded into retail banking services from that office, officially opens Aug. 17 at 5815 Oleander Drive, Suite 100.   Based in Rock ...

Two programs offered by the U.S. Small Business Administration in­tended to help keep small businesses afloat during the current economic downturn are seeing changes. One has already ended; the other is ap­proaching an expiration date.   The Economic Injury Disaster Loan (EIDL) Advance program, “provided U.S. small businesses, nonprofits and agricultur ...

Live Oak Bancshares’ net income for the second quarter of 2020 was down about $1.2 million compared with that of the second quarter of 2019, officials reported during the quarterly earnings call Thursday morning. Diluted earnings per share were 9 cents, a decline of 3 cents per share from a year ago. Deposits increased more than $2 billion, from $3.7 billion at th ...

nCino’s status as a unicorn (a private company worth more than $1 billion) went far into the rearview mirror Tuesday as the Wilmington-based, banking software company went public and its shares rocketed more than 150%. After pricing its shares last night at $31 per share, the stock began trading Tuesday around $80. It closed at $91.59, up nearly 200%. About 7 ...

Wilmington is about to give birth to a public company worth close to $3 billion.   Banking software company nCino, a tech venture spun out of Live Oak Bank nine years ago, announced Monday evening its initial public offering has been priced at $31 per share, another step up from its previous price estimate.   nCino will raise nearly $250 million through the I ...

Wilmington-based nCino's initial public offering is expected to begin trading this week.  nCino, a provider of cloud-based software for financial institutions, will trade on Nasdaq under “NCNO,” and could potentially raise nearly $254.3 million should its initial public offering go on the stock market as planned this week, according to Nasdaq. Th ...

In response to what it terms the “unprecedented economic impact” of the COVID-19 virus on small businesses, Wells Fargo Bank is taking action. In April, CEO Charlie Scharf announced the bank would donate all of its Paycheck Protection Program (PPP) processing fees back to nonprofit lenders serving the small business community.     Details em ...

nCino’s decision to pursue an initial public offering likely positions the banking software company for greater opportunities than would be available to it as a private entity.   So say two observers who have followed the Wilmington-based company’s moves with interest. The most recent was nCino’s SEC filing July 7 disclosing the details of its inte ...

SBA Administrator Jovita Carranza came to North Carolina on Friday with a message to the state’s small business owners: nearly $130 billion remains in the Paycheck Protection Program to help companies weather the economic challenges of the COVID-19 pandemic, and they have until Aug. 8 to apply for it. She urged business owners to visit the agency’s website, ...