Endeavor Bank Announces the Conclusion of the Capital Raise Offering Period

Endeavor Bank (OTC Pink: EDVR) has reached the February 21, 2020, cutoff date to wrap up and conclude its secondary capital offering.

Dan Yates, CEO, stated, “We continue to see investor interest in terms of potential investors attending capital presentations and new investors buying in. However, it’s time to close out the capital raise and put that money to work growing the bank.” Yates further stated, “While managing the capital raise ourselves without an investment banker or professional money raiser was the right strategy for growing our diverse local shareholder base, it’s time for management and the Endeavor team to get back to our primary responsibility of creating the best local business bank in the San Diego market.”

Steve Sefton, President, added, “Including over $1 million subscribed for in this round by the Endeavor Board of Directors, we currently have over $7.9 million in our capital raise impound account.” Sefton concluded, “While that number is less than the $12 million we originally proposed as our minimum goal, we are more than satisfied with what we accomplished together with our new and original investors.”

The minimum proceeds from the offering have been reduced from $12 million to $6 million. As a result of the reduction in the size of the offering, before any subscription applications may be accepted by the Bank, the applicants are being asked to reconfirm their subscriptions on or before March 23, 2020. The Bank will not accept any additional subscriptions after February 21, 2020. The Bank expects that sufficient reconfirmations of subscription applications will be received on or before March 23, 2020, for the offering to close with proceeds of at least $6 million.

About Endeavor Bank

Endeavor Bank is primarily owned and operated by San Diegans for San Diego businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in the San Diego metropolitan market place and its surrounding areas.

Headquartered in downtown San Diego in the landmark Symphony Towers building, the bank also operates a loan production office in Carlsbad. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Visit www.bankendeavor.com for more information.