Live Oak's public act.

• Position: EASTERN REGION

With a big lift from Uncle Sam, Wilmington-based Live Oak Bank is making lending less risky and more lucrative, its filing for an initial public offering shows. Since its inception in 2008, the bank has made $1.8 billion in U.S. Small Business Administration loans and written off only $7.4 million as losses. It was the nation's No. 3 SBA lender in 2013, trailing only San Francisco-based Wells Fargo & Co. and Minneapolis-based U.S. Bancorp. Under SBA rules, the feds take 75% of the credit risk. Live Oak usually sells the loans--nearly all of which are to veterinarians, physicians, dentists, pharmacists and funeral home operators--before they reach maturity. Live Oak posted the best return on assets and return on equity of the...