Live Oak Bancshares in Wilmington, N.C., has recruited a Goldman Sachs partner with specialty finance experience to run its bank.

The $2.8 billion-asset company, known for its technology initiatives and Small Business Administration lending, said in a press release Monday that it had hired Huntley Garriott as president of Live Oak Bank, effective Oct. 1. He will succeed Scott Custer, who has held the post for about a year.

Custer, who ran Yadkin Financial before its 2017 sale to F.N.B. Corp., will retain a senior position at Live Oak, focusing on strategic development goals.

“We couldn’t be more excited to have Huntley leading the next phase of growth,” Chip Mahan, Live Oak's chairman and CEO, said in the release. “As we continue to scale our business, his knowledge of banking and his experience with the top financial services companies in the world will be a significant asset to our employees, customers and our shareholders.”

Garriott, a Goldman partner since in 2014, was co-head of the specialty finance team. He also worked in the investment banking division as part of Goldman's financial institutions group.

“I look forward to working with Huntley and the rest of the Live Oak management team to continue extending Live Oak’s reach into the marketplace,” Custer said in the release. “Live Oak’s business model is built around discipline and technology and I am excited to help scale that model to advance the bank even further.”

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