Live Oak Bancshares in Wilmington, N.C., has named Scott Custer as its bank president.
The $1.8 billion-asset Live Oak said in a press release Monday that Custer will succeed Neil Underwood, who will remain the company’s president. Underwood, who is also president of Live Oak Ventures, will focus on strategic technology development.
Custer previously served as president and CEO of Yadkin Financial in Raleigh, N.C., which was sold last month to F.N.B. Corp. in Pittsburgh. Custer resigned as a consultant and director of F.N.B. just days after the deal closed.
Custer co-founded Piedmont Community Bank Holdings shortly after leaving RBC Bank, where he had been chairman and CEO. With funding from firms such as Stone Point Capital and Lightyear Capital, he packed on nearly $7 billion in assets with six bank acquisitions, including last year's purchase of NewBridge Bancorp in Greensboro, N.C.
Custer “brings world-class experience scaling complex banking organizations,” Chip Mahan, Live Oak’s chairman and CEO, said in the release. “At a time where our rapid growth is taking us into new and exciting opportunities, we want to ensure that our core business remains rooted, and he will help us do that.”