James (Chip) S. Mahan III is the Founder, CEO and Chairman of the Board for Live Oak Bank. Prior to Live Oak Bank, Mahan was the CEO and Chairman of the Board for S1 Corporation and Founder of Security for First Network Bank, the world’s first Internet bank. Under his leadership, S1 Corporation grew to become a $234 million software and services provider in only six years, averaging more than 200 percent growth year over year. At its peak, S1 had a Market Capitalization of $7.8BB. During his term as CEO, Mahan was ranked as one of the 10 Most Influential Personalities in Financial Services by FutureBanker magazine.
Prior to founding Security First Network Bank and S1 Corporation, Mahan launched Cardinal Bancshares, where he served as Chairman and CEO. Mahan built Cardinal into an $800 million institution and took the company public in 1992. Before launching Cardinal, Mahan spent several years with Citizens Union National Bank & Trust Co., serving as President, Chief Operating Officer and Vice Chairman. In 1984, he moved into the roles of Chairman and CEO. In 1986, Mahan formed an investment group that purchased Citizens Union and sold it to Bank One Corp. of Columbus, OH. In 1986 he also led a leveraged buyout of American Engineering Company, a Midwest provider of civil engineering services to the states of Illinois, Kentucky, Ohio, Indiana, Tennessee and West Virginia. The company’s revenues have increased 12 fold since inception.
Mahan began his career in 1973 at Wachovia Bank & Trust Co. in Winston-Salem, NC, after graduating with a Bachelor’s degree in finance from Washington & Lee University in Lexington, VA.
