Live Oak Bancshares, Inc 8-K, filed Sep 17, 2020
Live Oak Bancshares, Inc. (LOB)
About this 8-K
Live Oak Bancshares, Inc filed this 8-K on September 17, 2020, reporting on events of September 16, 2020.
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
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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 16, 2020, the Board of Directors (the “Board”) of Live Oak Bancshares, Inc. (the “Company”) appointed Tonya Williams Bradford to serve as a Board member until the Company’s next annual meeting of shareholders. Dr. Bradford 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 Dr. Bradford will be appointed, if any. Dr. Bradford 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 3, 2020, pro-rated for service until the next annual meeting of shareholders. There are no arrangements or understandings between Dr. Bradford and any other persons pursuant to which she was selected as a director. Dr. Bradford 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 Dr. Bradford 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) |
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: September 17, 2020 |
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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
Live Oak Bancshares Appoints Dr. Tonya Bradford to Board of Directors
WILMINGTON, N.C. (September 17, 2020) – Live Oak Bancshares announced today the appointment of Dr. Tonya Bradford to its board of directors effective September 16, 2020. Dr. Bradford has also been appointed to the board of directors of Live Oak Bank.
“We are very pleased to welcome Tonya to our board,” said Live Oak Chairman and CEO James S. (Chip) Mahan, III. “She is an accomplished executive and academic and brings a wealth of expertise and strategic vision to help Live Oak Bank continue on its mission to be America’s small business bank.”
Dr. Bradford is an associate professor at the Paul Merage School of Business at the University of California at Irvine. She publishes and teaches marketing management and brand strategy at the graduate and undergraduate level and studies consumer rituals.
Prior to her academic career at UCI, Dr. Bradford spent 17 years in domestic and international markets including a position as general manager at S1 Corporation in Atlanta; principal at Gemini Consulting (now Cap Gemini) in the US, UK, Belgium and South Africa; Allstate Insurance; and Charles Schwab & Co. Inc.
Dr. Bradford received a Bachelor of Arts degree in anthropology from Northwestern University and an MBA and PhD in Marketing from Northwestern’s Kellogg School of Management.
“I am excited and honored to work with the Live Oak team as they continue to grow and successfully deliver capital to America’s entrepreneurs,” said Dr. Bradford. “There has never been a more important time in our country’s history to support America’s small businesses, and I am thrilled to be part of the role Live Oak plays in transforming the way banking is done.”
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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