LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
| Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Company (the Bank) as President. As part of the reorganization,
Neil Underwood remains President of Live Oak Bancshares, Inc.
(the Company), parent company of the Bank. As of May 9, 2017, the
Company no longer has a designated Chief Operating Officer. With
Mr. Underwood focusing on the Companys strategic technology
development, Mr. Custer and Gregory B. Thompson, Chief Operating
Officer of the Bank, will focus on the Bank as it expands into
new industries, products and solutions to support its growing
small business customer base.
| Item 5.07. | Submission of Matters to a Vote of Security Holders. |
Meeting”) of the Company was held on May 9, 2017. On March 10,
2017, the record date for the Annual Meeting, 29,850,813 shares
of the Companys voting common stock were issued and outstanding,
of which 26,885,743 were present for purposes of establishing a
quorum.
Meeting:
| (1) | Shareholders elected William H. Cameron, Diane B. Glossman, Glen F. Hoffsis, Howard K. Landis III, David G. Lucht, James S. Mahan III, Miltom E. Petty, Jerald L. Pullins, Neil L. Underwood and William L. Williams III to the Board of Directors for terms of one year; and |
| (2) | Shareholders ratified Dixon Hughes Goodman LLP as the Companys independent auditors for 2017. |
such matter as well as the number of abstentions and broker
non-votes with respect to each such matter.
| Item | For | Against | Withheld/ Abstain | Broker Non-Votes | ||||
| Election of Directors | ||||||||
| William H. Cameron | 21,149,074 | 1,503,361 | 4,233,308 | |||||
| Diane B. Glossman | 21,180,047 | 1,472,388 | 4,233,308 | |||||
| Glen F. Hoffsis | 21,198,067 | 1,454,368 | 4,233,308 | |||||
| Howard K. Landis III | 21,199,277 | 1,453,158 | 4,233,308 | |||||
| David G. Lucht | 22,561,891 | 90,544 | 4,233,308 | |||||
| James S. Mahan III | 22,580,223 | 72,212 | 4,233,308 | |||||
| Miltom E. Petty | 22,584,945 | 67,490 | 4,233,308 | |||||
| Jerald L. Pullins | 22,583,643 | 68,792 | 4,233,308 | |||||
| Neil L. Underwood | 22,577,923 | 74,512 | 4,233,308 | |||||
| William L. Williams III | 22,571,648 | 80,787 | 4,233,308 | |||||
| Ratification of the Selection of Dixon Hughes Goodman LLP as Independent Auditors of the Company for 2017 | 26,687,509 | 173,544 | 24,690 |
About LIVE OAK BANCSHARES, INC. (NASDAQ:LOB)
Live Oak Bancshares, Inc. is the bank holding company for Live Oak Banking Company (the Bank). The Bank is a commercial bank and a national online platform for small business lending. The Company provides certain small businesses across the United States a means to access capital. The Company primarily originates loans partially guaranteed by the United States Small Business Administration (SBA) to small businesses and professionals. It offers commercial and industrial loans, construction and development loans, and owner occupied commercial real estate loans for agriculture, death care management, healthcare, independent pharmacies, registered investment advisors and veterinary industry, among others. The Company also offers commercial land loans for agriculture. It owns Live Oak Grove, LLC, which provides company employees and business visitors an on-site restaurant location, and Government Loan Solutions, Inc., a management and technology consulting company, among others. LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Recent Trading Information
LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) closed its last trading session up +0.40 at 25.45 with 128,538 shares trading hands.
