On April 22, 2018, M. Huntley Garriott, Jr., accepted an offer to join Live Oak Banking Company (the "Bank"), a wholly owned subsidiary of Live Oak Bancshares, Inc. (the "Company"), to become President of the Bank. Mr. Garriott is expected to assume the role on or about October 1, 2018. Scott M. Custer currently serves as President of the Bank. Once Mr. Garriott joins the Bank, Mr. Custer will remain with the Company in a senior position to focus on the Company's strategic development goals.

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 00.00 at 28.75 with shares trading hands.