The first quarter of 2020 delivered some COVID-19-related stormy weather to the economy, and Live Oak Bank’s earnings report reflects the impact of those gusty winds. On Wednesday, the bank reported a net loss of $7.6 million for the quarter (or a loss of $0.19 per diluted share), compared to net earnings of $2.4 million, or $0.06 per diluted share, in the first q ...

With the emergency brake off, Wells Fargo & Co. announced Wednesday that it is expanding its participation in the Paycheck Protection Program (PPP), the small business lending initiative that is funded through the recently passed CARES Act. The bank has 10 offices in the Wilmington market.   Late last week, the bank announced that the “no growth” ...

Wilmington-based financial technology firm Apiture’s choice of a tech partner enabled it to move its clients from a legacy data system to the cloud-based Amazon Web System (AWS).   A recent news release stated that Apiture, which serves hundreds of banks and credit unions across the U.S., chose Austin, Texas-based TrustGrid to complete that project in just one ...

One day before they can begin processing applications for the Paycheck Protection Program, the federal government’s new business relief initiative, SBA lenders are working feverishly to prepare for an anticipated high level of demand for the loans.   "Both BB&T and SunTrust, now Truist, have already seen a tremendous amount of applications for not onl ...

Both of Wilmington’s public companies have – not surprisingly – seen their stocks tumble in recent weeks. PPD re-emerged as a public company on Feb. 6 of this year. Its shares sold for $27 and quickly climbed to more than $32, but amid this week’s market turmoil, they dropped to $12. It closed on Friday at $14.52. Live Oak Bancshares went publ ...

Live Oak Bank’s plans for 2020 include introducing new deposit products, keeping small business lending stable and enhancing its technology. That’s according to remarks made by Huntley Garriott, the bank’s president, about Live Oak’s core activities during the bank’s earnings call in January. “In 2020, we will continue on the same cou ...

Wilmington insurance firm Innovative Financial Group announced Tuesday that it has completed a partnership agreement with Elite Insurance Group. Elite Insurance, based in Reidsville, Georgia, is a distributor of health insurance products and specializes in the senior market. As part of this specialty, the news release stated, EIG agents work with older adult clients to ...

Canapi Ventures, co-led by Live Oak Bancshares’ CEO James “Chip” Mahan, announced it has participated in a $50 million equity financing round by San Francisco-based Nova Credit. Although Canapi was described in an announcement by Nova Credit as a “major participant” in the capital raise, the amount of Canapi’s investment was not discl ...

Rob Cooley, owner of Apple Annie’s Bake Shop, wishes he could help his employees save for retirement by matching – up to a certain point – their contributions to a retirement account.   “We’ve been talking about something like this at Apple Annie’s for years,” Cooley said, but the barrier has been being able to afford it as ...

A mortgage company that moved its headquarters to Wilmington is already heading to a larger office, according to a news release Thursday. SeaTrust Mortgage Co., a subsidiary of Community First Bank, is relocating from 1508 Military Cutoff Road, Suite 203, to 1001 Military Cutoff Road, Suite 350, the release stated.  The new office space is about 5,000 ...