SAN DIEGO--(BUSINESS WIRE)--Endeavor Bank (OTC Pink: EDVR) is pleased to report a strong second quarter of 2019, surpassing the $100 million in asset milestone. Unaudited results as of the June 30, 2019 reporting date show total assets of $105.5 million compared to $89.0 million as of the prior quarter end, March 31, 2019, an increase of $16.5 million, or 19%, and an increase of $55.2 million, or 110% compared to March 31, 2018. Total deposits at June 30, 2019, were $85.4 million, an increase over the prior quarter end of $17.2 million, or 25%, and an increase of $58.6 million from June 30, 2018. Total loans grew 17% during the second quarter of 2019, standing at $66.1 million on June 30, 2019, as compared to $13.3 million at June 30, 2018.
Dan Yates, CEO, stated, “We could not be more pleased with our second quarter results achieving in excess of $100 million in assets by our sixth quarter. As of the end of the second quarter, Endeavor’s assets were greater than 20% of the 5,305 financial institutions in the nation, after only 17 months in business based on the FDIC website listing all financial institutions by asset size as of March 31, 2019.”
Steve Sefton, President, added, “We believed back in 2017 when we filed our application to start this Endeavor, that San Diego wanted and needed a new business bank. Our growth and continued momentum affirms that belief now more than ever.”
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.
This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Bank’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Bank’s Management. All statements regarding the Bank’s business strategy and plans and objectives of Management of the Bank for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Bank or the Bank’s Management, are intended to identify forward-looking statements. Although the Bank believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Bank’s expectations (“cautionary statements”) are the loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Bank during its “de novo” phase, the secure and effective implementation of technology, risks related to the local and national economy, the Bank's implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected or intended. The Bank does not intend to update these forward-looking statements.