WILMINGTON, NC (WECT) – Live Oak Bank located off Tiburon Drive in Wilmington, will be expanding within the next two years, according to a press release from the City of Wilmington.
The release explains the expansion would bring a new $16 million facility and would mean an additional 120 jobs paying $80,000 annual salary.
According to the release, the City of Wilmington and the New Hanover County Commissioners will both consider making partnership payments of hundreds of thousands of dollars to Live Oak Bank over the next five years.
But, does the bank really need those funds to expand?
Woody White, chairman of the New Hanover County Commissioners, said his "limited" understanding of the situation was that the bank would be expanding with or without the local government funds.
"It's not really an incentive as much as it is an investment that we're making," said White.
Scott Satterfield, CEO of Wilmington Business Development, said he wasn't sure if the expansion project would still happen without funding from the city and county.
"I could not answer that question," said Satterfield. "This is an encouragement to make sure that Live Oak Bank shares and the companies under them do that," said Satterfield about the company's decision to expand.
According to Satterfield, the expansion would house the corporate headquarters of "nCino", a company under Live Oak Bank.
The New Hanover Board of County Commissioners and Wilmington City Council will respectively hold public hearings about the project on September 16 and 17.
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