Live Oak Bancshares in Wilmington, N.C., has hired a pair of former Banc of California bankers to create an M&A lending team.
The $2.2. billion-asset Live Oak said in a press release Wednesday that Heather Endresen and Lisa Forrest will serve as senior loan officers in a group that will “help customers understand the process of buying other businesses and the role of financing in structuring a transaction.”
“This new segment, under the direction of seasoned industry experts, will help M&A advisers, intermediaries and individuals or groups structure their M&A business,” Kay Anderson, Live Oak’s director of emerging markets, said in the release.
Endresen previously worked as a senior vice president for SBA lending at Banc of California in Irvine. According to her LinkedIn profile, she left the bank in May. Forrest also handled M&A lending for Banc of California as a business development officer.
Banc of California has struggled in the past year. Steven Sugarman resigned as chairman and CEO in January; he was later replaced by Doug Bowers. The company also overhauled its corporate governance, sold its mortgage business and cut a number of corporate jobs.