Community banking

High-profile exec to leave Live Oak in North Carolina

Published November 21, 2018, 7:37 p.m. EST

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Updated November 26, 2018, 10:47 a.m. EST

1 Min Read

Scott Custer is leaving Live Oak Bancshares in Wilmington, N.C.

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The $3.4 billion-asset Live Oak disclosed in a regulatory filing Wednesday that Custer will resign from its bank on Nov. 30.

Custer stepped aside as Live Oak’s bank president in October when the company hired Huntley Garriott Jr., a former Goldman Sachs partner, to fill the role. Since then, Custer has held a senior post at Live Oak, where he had been focusing on strategic development goals.

Custer, who ran Yadkin Financial before its 2017 sale to F.N.B. Corp. in Pittsburgh, joined Live Oak shortly after that deal closed. He background also includes serving as chairman and chief executive of RBC Bank.

Custer is set to become the chairman of Dogwood State Bank, a proposed de novo in Raleigh, N.C.

A Live Oak spokeswoman said in July that Custer planned to stay at the bank. Dogwood State noted in its application with the Federal Deposit Insurance Corp. that Custer could hold posts at both banks as long as they did not have overlapping branches and Dogwood State remained below $1.5 billion in assets.

Scott Custer, CEO of RBC Centura, poses at his office Monday, November, 8, 2004 in Raleigh, North Carolina. Photographer: Jeffrey A. Camarati/Bloomberg News.

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

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