UPDATE: Gov. Cooper announces Live Oak will create 204 jobs by 2026, investing $25 million

Gov. Roy Cooper is scheduled to make an economic development announcement in Wilmington at 3...
Gov. Roy Cooper is scheduled to make an economic development announcement in Wilmington at 3 p.m. Wednesday.(PBSNC)
Published: Sep. 7, 2022 at 2:39 PM EDT
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WILMINGTON, N.C. (WECT) - Governor Roy Cooper announced at 3 p.m. Wednesday, September 7, that Live Oak Bank will create 204 new jobs in New Hanover County by investing $25,000,000 in the city of Wilmington.

Live Oak’s expansion will create positions including analysts, data scientists, loan servicing specialists, network engineers, paralegals, and underwriters. The projected average annual salary for the new positions is more than $101,000, which exceeds New Hanover County’s annual average wage of $53,421, and the potential annual payroll impact is approximated to be more than $20.7 million per year.

“The best recruiters for our state are North Carolina companies,” said Governor Cooper. “Live Oak Bank is expanding here because its leaders know how much our talented workforce and quality of life mean to their success and North Carolina’s.”

The expansion will be partially facilitated by a 12-year Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. The project is estimated to grow the state’s economy by $1.1 billion over the next twelve years.

The company’s JDIG agreement will also ensure $513,250 into the state’s Industrial Development Fund Utility Account, which helps rural communities across the state finance necessary infrastructure upgrades to attract future business.

“Live Oak Bank is proud to call Wilmington home. With more than 900 employees working toward our mission to be America’s small business bank, we are grateful for the support of city, county and state officials for powerful capital investments that will help grow fintech jobs in our community and bring hundreds of dedicated Live Oakers to our campus,” said Live Oak Chairman and CEO James S. Mahan III.