Live Oak Bank expansion project may get funding assistance from - WSFX - FOX Wilmington, NC

Live Oak Bank expansion project may get funding assistance from local government

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NEW HANOVER COUNTY, NC – New Hanover County Commissioners and Wilmington City Council are considering giving money to the bank to help fund the project.

According to Scott Satterfield, CEO of Wilmington Business Development, the project will cost approximately 16 million dollars and will require 120 additional employees.  Satterfield said those employees would be making an average annual salary of $80 thousand over five years.

Satterfield said the city would donate $250 thousand over five years while the county donates $325 thousand over the same period.

Woody White, Chairman of the New Hanover County Commissioners, wants to bring the business to Wilmington.

"One might ask why you need county resources.  Well they also have choices and options," said White.  "They can go anywhere in the world to do this business.  We want them to stay here and it's important to us that we convince them to stay here, and expand here and grow here."

The New Hanover Board of County Commissioners and Wilmington City Council will respectively hold public hearings about the project on September 16th and 17th.

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