SOURCE: Live Oak Bank

May 12, 2008 10:08 ET

Live Oak Bank Launches With a Focus on Helping Veterinarians Build and Grow Their Practices

New Bank Specializes in High-Growth Veterinarian Market, Offering New Affordability and Flexibility in Loan Services

WILMINGTON, NC--(Marketwire - May 12, 2008) - Live Oak Bank, a new commercial bank targeting veterinarian practices, announced today that it has received Federal Deposit Insurance Corporation (FDIC) approval and is now open for business. Chartered by the state of North Carolina, Live Oak Bank aims to be the premier banking institution for the veterinarian profession. It is headquartered in Wilmington, NC, with a loan production office in Atlanta, GA.

Unlike commercial lenders offering financial services for a range of businesses, Live Oak Bank is focused exclusively on helping veterinarians start-up, grow or refinance their practices. Its lending programs provide affordable, practical terms that are right for veterinarians at multiple stages of their career. In particular, new veterinarians building or purchasing their first practice can benefit from Live Oak Bank's creative lending programs that include 90 to 100 percent financing. The bank also offers FDIC insured savings and money market accounts.

"Live Oak Bank provides underwriting and financing to veterinarians, with an understanding of the unique needs and challenges related to establishing and growing their practices," said James "Chip" Mahan, CEO of Live Oak Bank. "Our focus, combined with our superior lending programs, makes us the right choice for veterinarians nationwide."

A banking entrepreneur, Mahan founded the world's first Internet bank, Security First Network Bank, and is the founder, former CEO and chairman of the board of S1 Corporation. Other members of the Live Oak Bank management team offer significant experience in the financial industry, including the delivery of lending programs to the veterinarian community. Vince Dailey and Brian Faulk, both former executives at Vine Street Financial, a division of BB&T, are serving as senior loan officers for Live Oak Bank.

As a self-owned bank, all Live Oak Bank employees are principal owners in the business, personally committed to its growth and the provision of quality lending programs and services to its customers.

About Live Oak Bank

Live Oak Bank is a privately held, FDIC-approved bank focusing on the specialized needs of veterinarian professionals. With a mission of delivering creative and flexible lending programs, it is a resource for veterinarians looking to start-up, expand or refinance their practices. Fully capitalized, including investments from 100 percent of its staff, Live Oak Bank is headquartered in Wilmington, NC, with a loan production office in Atlanta, GA.

For more information, call 1-866-954-8362 or visit www.liveoakbank.com.

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