Live Oak Bancshares, Inc 8-K, filed Sep 19, 2022
Live Oak Bancshares, Inc. (LOB)
About this 8-K
Live Oak Bancshares, Inc filed this 8-K on September 19, 2022, reporting on events of September 15, 2022.
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
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CURRENT REPORT
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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).
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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. |
(d)Effective September 15, 2022, the Board of Directors (the “Board”) of Live Oak Bancshares, Inc. (the “Company”) appointed Yousef Aziz Valine to serve as a Board member until the Company’s next annual meeting of shareholders. Mr. Valine was also appointed as a member of the Board of Live Oak Banking Company (the “Bank”), the Company’s wholly owned banking subsidiary.
The Board has not yet determined the committees to which Mr. Valine will be appointed, if any. Mr. Valine will participate in the current director compensation arrangements generally applicable to the Company’s non-employee directors as described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2022, pro-rated for service until the next annual meeting of shareholders. There are no arrangements or understandings between Mr. Valine and any other persons pursuant to which he was selected as a director. Mr. Valine has not engaged in any transaction with the Company or the Bank that would be reportable as a related party transaction under Item 404(a) of the Securities and Exchange Commission Regulation S-K.
A copy of the Company’s press release announcing the appointment of Mr. Valine 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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Exhibit Number |
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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) |
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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: September 19, 2022 |
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By: |
/s/ Gregory W. Seward |
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Gregory W. Seward |
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General Counsel |
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Live Oak Bancshares Appoints Yousef A. Valine to Board of Directors
WILMINGTON, N.C. (September 19, 2022) – Live Oak Bancshares announced the appointment of Yousef A. Valine to its board of directors effective September 15, 2022. Valine has also been appointed to the board of directors of Live Oak Bank.
“We are very pleased to welcome Yousef to our board of directors,” said Live Oak Bancshares Chairman and CEO James S. (Chip) Mahan III. “He brings exceptional perspective and depth of experience in financial services and will be a valuable addition as Live Oak continues on its mission to be America’s small business bank.”
Valine has more than 37 years of broad experience in financial services, including 24 years at Wachovia and 13 years as First Horizon Corporation. His leadership and expertise span credit, market and operational risk management, regulatory relations, management and board governance, Community Reinvestment and Bank Secrecy Acts, operations, information technology, treasury services, finance and mergers and acquisitions.
He previously served as Chief Operating Officer, Chief Risk Officer, and Merger Executive at First Horizon. Prior to joining First Horizon, Valine held progressively executive level roles at Wachovia, the fourth largest financial institution in the United States at the time, including Chief Operating Officer of the Risk Management Division as well as the Head of Institutional Risk Group.
Valine graduated from Georgia State University and has completed the Risk Management Association’s Advance Risk Management program at the Wharton School of the University of Pennsylvania, Wachovia’s Executive Management programs at the University of North Carolina at Chapel Hill and Duke University. He is an award-winning author and has served as a visiting lecturer at the Wharton School of the University of Pennsylvania.
“Since inception, under Chips’ leadership, Live Oak Bank has created a unique business model and technology, culture, and incentive systems that bring a highly differentiated value to the bank’s associates and clients. I am pleased to join Live Oak’s board and see firsthand how their well-thought-out strategies are transforming financial services,” said Valine. “It is exciting to join a bank that combines first-class service and next-generation technology to support and empower America’s small businesses, and I am thrilled to be part of the team.”
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 who 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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