WILMINGTON, NC (WECT) – The City of Wilmington will join New Hanover County in giving thousands of dollars in incentives to Live Oak Bank.
At its meeting Tuesday night, council members voted unanimously on giving the bank a grant worth $250,000.
At Monday's New Hanover County Commissioners meeting, the board voted 4-1 to offer Live Oak Bank $325,000 in economic incentives.
The bank is planning a $16 million facility expansion, which would allow for it to employ an additional 120 employees over five years.
According to a news release, the expansion project is expected to be finished within the next two years. The Wilmington Development Corporation has been working with the firm on this expansion.
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