WILMINGTON, N.C., June 27, 2024 (GLOBE NEWSWIRE) -- Live Oak Bancshares
announced today that its Board of Directors has appointed Michael J. Cairns as
Chief Credit Officer, effective August 1, 2024. Cairns will serve as CCO for
both Live Oak Bancshares and Live Oak Bank and succeeds Steven J. Smits who
has served in the position for 9 years. Smits is taking on a new role as head
of commercial banking.
“Steve’s work and leadership have contributed greatly to Live Oak’s impeccable
credit culture. Michael has been at his side for years, creating the perfect
hand off for Steve to help us expand our commercial banking efforts while
keeping safety and soundness a priority for the bank,” said James S. (Chip)
Mahan III, Chairman and CEO of Live Oak. “Michael will be an exceptional
addition to our credit legacy, and we are excited to have him lead the team.”
Cairns previously served as Head of Credit and has been with Live Oak since
2015. He brings deep experience in banking with a career focused on commercial
banking roles including credit, lending, and underwriting across small- and
middle-market commercial and industrial (C&I), commercial real estate
(CRE), and asset-based lending (ABL).
Prior to joining Live Oak, Cairns spent a decade in lending and credit roles
at TCF National Bank and Talmer Bank & Trust in his native Michigan.
Cairns holds a Bachelor of Business Administration degree in finance with a
specialty in banking and financial services, in addition to a Master of
Science degree in finance, from Walsh College in Troy, MI.
Smits, who joined Live Oak in 2012, will take on a new role leading commercial
banking, which includes both the Specialty and Energy and Infrastructure
teams.
“Steve’s incredible leadership and credit philosophy have left an indelible
mark on Live Oak, and we are thrilled to have his expertise at the helm as we
strategically grow our conventional banking business,” said William C. (BJ)
Losch III, President of Live Oak. “Steve is valuable member of our senior
leadership team, and this is a wonderful opportunity for him to expand his
talents across the franchise.”
Live Oak’s Small Business Banking group will remain dedicated to small
business with Mike McGinley remaining at the helm.
About Live Oak Bancshares
Live Oak Bancshares, Inc.
(NYSE: 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 | Managing Director, Corporate Communications
910.597.1592
Source: Live Oak Bancshares, Inc.