A new Wilmington bank doesn't have any branches, or any ATM's. The reason for that is because it is a niche bank, loaning mostly to veterinarians. Live Oak Bank provides financing for new vets out of school looking to start a practice, as well as more established doctors who may be looking to move locations. Dealing almost exclusively with vets, this is one bank that wasn't affected by the sub prime mortgage crisis. President David Lucht said the bank's owners come with experience. They have made about 500 loans to vet practices. "Veterinarians make great customers. They repay their loans, and really are great people, hard workers, and they're passionate about animals. They love animals and they really, they're devoted to their work," said Lucht. Lucht said veterinarians don't face as many malpractice issues as human doctors, which make them strong banking customers. Bank owners are interested in looking into working with other specialties, like dentistry.
- Video Central
- About WWAY