Live Oak Bancshares, Inc 8-K, filed Jun 30, 2021
Live Oak Bancshares, Inc. (LOB)
About this 8-K
Live Oak Bancshares, Inc filed this 8-K on June 30, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c)On June 30, 2021, Live Oak Bancshares, Inc. (the “Company”) announced William C. Losch, III, age 51, will assume the role of Chief Financial Officer of the Company and Live Oak Banking Company (the “Bank”), a wholly owned subsidiary of the Company, effective September 1, 2021. Mr. Losch will join the Bank beginning August 1, 2021, as Executive Vice President.
In connection with his employment, Mr. Losch will receive an annual base salary of $675,000. In addition, the Company expects to grant Mr. Losch a restricted stock unit (“RSU”) award representing 210,000 shares of the Company’s voting common stock, which will vest in five equal installments beginning on the first anniversary of the date of grant. This RSU award is subject to approval by the Compensation Committee of the Board of Directors after Mr. Losch begins his employment with the Company. Mr. Losch will be reimbursed for reasonable relocation expenses and be eligible to participate in applicable employee benefit plans and perquisite programs of the Company, which are generally available to other employees, and will be eligible to participate in the Company’s annual discretionary cash bonus awards and discretionary equity compensation awards.
Mr. Losch has served as Chief Financial Officer of First Horizon Corporation and First Horizon Bank since 2009, leading its financial activities, which included treasury, accounting, controls, tax, financial planning, strategic planning, investor relations, corporate development, and mergers and acquisitions. Mr. Losch has no family relationships with any of our executive officers or directors, and there have been no related party transactions between Mr. Losch and the Company that are reportable under Item 404(a) of Regulation S-K.
A copy of the Company’s press release announcing the appointment of Mr. Losch is attached as Exhibit 99.1 to this Form 8-K.
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Item 9.01. |
Financial Statements and Exhibits. |
(d)Exhibits
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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LIVE OAK BANCSHARES, INC. |
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Date: June 30, 2021 |
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By: |
/s/ S. Brett Caines |
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S. Brett Caines |
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Chief Financial Officer |
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Exhibit 99.1
William C. (BJ) Losch, III to Join Live Oak Bancshares as Chief Financial Officer
WILMINGTON, N.C., June 30, 2021 -- Live Oak Bancshares (“Live Oak” or the “company”) announced today that William C. (BJ) Losch, III will assume the role of Chief Financial Officer of the company on September 1, 2021. Losch will also assume the role of CFO of Live Oak Bank.
Losch brings a wealth of experience as Live Oak continues to expand into new industries, products and solutions to support its growing customer base. As CFO, he will be responsible for the overall financial management of the company, including treasury and accounting functions, investor relations, and will oversee strategy and corporate development across the company, including strategic oversight of Live Oak Ventures, the venture arm of Live Oak.
“The Live Oak mission is clear, the opportunity is tremendous, and the culture is extraordinary. I am excited to join the Live Oak team at this time and be part of the revolutionary model being built that will continue to redefine the future of banking through innovation and technology,” said Losch.
Losch will assume the role from Brett Caines, who will remain at Live Oak in a senior position to focus on strategic development goals. Losch will join the company August 1, 2021, before taking the role of CFO.
“We have had the privilege of creating an exceptional team here at Live Oak and having BJ join us adds another layer of remarkable talent to our organization,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “BJ will help us continue our mission to be America’s small business bank, and we look forward to furthering the successful legacy Brett Caines built as we fundamentally change our industry for the better.”
Losch has spent 12 years at First Horizon Corporation as senior executive vice president and CFO leading its financial activities, which included treasury, accounting, controls, tax, financial planning, strategic planning, investor relations and corporate development/M&A.
Prior to his role at First Horizon, Losch held progressively senior roles at First Union and Wachovia and served as senior vice president and chief financial officer for the general bank at Wachovia, the largest of the corporation’s four major business lines.
He is an active volunteer on various boards and has been voted one of the industry’s best CFOs in Institutional Investor Magazine’s All-America Executive Team rankings.
Losch holds a Bachelor of Science degree in business administration from the University of Richmond and a Master of Business Administration from Virginia Commonwealth University.
About Live Oak Bancshares
Live Oak Bancshares, Inc. (Nasdaq: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com.
Contact:
Claire Parker, SVP of Corporate Communications
910.597.1592
claire.parker@liveoak.bank
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