Live Oak Bancshares Names Michael Cairns as Chief Credit Officer

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 II, 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