Category: Under $3B in Assets
Assets at June 30: $389.5 million
No. of Employees: 98
Chairman and CEO: James "Chip" S. Mahan IIIe
When you wear casual clothes like polos and khakis throughout the year, you might get the occasional itch for something fancier. That's why employees of Live Oak Bank dusted off their formal wear and dressed up for their most recent annual meeting.
Live Oak, founded in 2008, has grown to become one of the country's top small-business lenders, with a focus on niche industries including veterinary practices, small pharmacies, funeral homes and independent financial advisory firms. It does not operate any retail branches. In April, the bank moved into a new headquarters with glass-enclosed offices that allow employees to see everything that goes on around them, underscoring the management team's commitment to an open-door approach. The bank also is committed to employee health. Employees pay nothing toward their insurance coverage, and have access to an on-site personal trainer at the corporate office. (Staffers who work elsewhere can have personal training sessions paid for by the bank.)