Live Oak Bancshares, Inc., was incorporated in North Carolina on December 18, 2008. Live Oak Bancshares, Inc., is a U.S.-wide financial lender that provides business to small business owners in niche industries. The company utilizes industry expertise and a comprehensive technology platform to optimize customers' credit expansion process and lending experience. LOB was established as a bank holding company, headquartered in Wilmington, North Carolina, and registered in North Carolina in December 2008. LOB mainly operates and manages its business through its subsidiary commercial bank Live Oak Banking Corporation. The bank was established in May 2008 as a North Carolina-licensed commercial bank. The guaranteed portion of a corporate loan is usually partially retained while being sold in the secondary market, and the remaining portion is loaned to a third party or kept in the books. LOB's proprietary cloud technology software keeps its loan origination system streamlined across US platforms. The real customer experience generated by industry companies and leveraging technology should lighten the traditional branch and ATM business while ensuring vertically focused services.