Our Executive Team

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.

David Lucht is the Chief Risk Officer for Live Oak Bank. Before joining Live Oak Bank in May of 2007 as a founding member, Lucht held numerous high-ranking positions in many different successful banking institutions. He was the Chief Credit Officer, Executive Vice President and Director for First Merit Bank out of Akron Ohio where he was responsible for leading the turnaround in credit culture and performance of the $10.5 billion bank.

David is married, with three children and a tri-color collie.

Mr. Underwood is President and Chief Operating Officer of Live Oak Bank in Wilmington, NC.  Prior to the bank, Underwood served as General Manager of S1 Corporation, where he was responsible for the S1 Enterprise division.  S1, publicly traded, builds and deploys applications including online banking, payments and mobile solutions to over 3,000 financial institutions worldwide.

Before S1, Mr. Underwood played a key role in launching the Americas division of Brokat Technologies, a $200mm financial services software supplier based in Stuttgart, Germany.  Acting as Chief Operating Officer, he was responsible for Retail and Wholesale Banking solutions for US, Canada and Latin America.  Mr. Underwood came to Brokat as a principal of Transaction Software, which was acquired in May of 1999.

Underwood is a Director at Live Oak Bancshares and is a retired board member of Charys Holdings, a publicly traded company, where he chaired the finance committee and participated as a member of the audit committee.

A native of Miami, FL, Underwood holds a Bachelor’s Degree of Science in Industrial Engineering from the Georgia Institute of Technology.  He currently resides in Wilmington, NC with his wife Linda and their two sons, Pierce and Grant.

Brett Caines is the Chief Financial Officer for Live Oak Bank. Prior to Live Oak Bank, Caines worked as a Production Engineer for INVISTA and as a Process Engineer for Shell Chemical Company. Caines received his Bachelor of Science degree in Chemical Engineering from North Carolina State University and received his MBA from the University of North Carolina, Wilmington.

When he isn’t working, Brett enjoys spending time with his wife and children.