William L. Williams, vice chairman and executive vice president of Live Oak Bancshares, Inc., purchased over $1 million of company stock earlier this week, according to a filing with the Securities and Exchange Commission.

On Jan. 30, Williams bought 50,000 shares of stock, worth $1,017,100, in two transactions at prices of $20.33 and $20.35.

According to the Form 4 filing, Williams still owns 1,266,520 of voting common stock.

Williams has been the executive vice president of Live Oak Bancshares, the parent company of Live Oak Bank, since 2013 and vice chairman since 2012.

Wilmington-based Live Oak was founded in 2008 and specializes in originating loans for new and expanding businesses. Instead of using branches, the company operates entirely online.

Live Oak shares closed on Feb. 2 at $20.25, up 25 cents, or 1.25 percent for the day.