SAN DIEGO--(BUSINESS WIRE)--Endeavor Bank (OTC Pink: EDVR), is pleased to announce the commencement of its offering of additional shares of common stock to the public pursuant to a permit issued by the California Department of Business Oversight (DBO). The offering price is $11.50 per share, with a minimum offering of $12 million (1,043,479 shares) and a maximum of $15 million (1,304,348 shares) (subject to oversubscription). The minimum investment is $25,001.
The purpose of the offering is to allow the Bank to hire additional bankers, to increase the amount the Bank can lend to any single borrower, and to broaden the Bank’s local shareholder base. Anyone interested in receiving an offering circular or purchasing shares in the offering should visit the offering website at www.edvrstockoffer.com, or reach out to Amber Santos at firstname.lastname@example.org.
Dan Yates, CEO, stated, “We are pleased to follow up our second quarter 2019 milestone of exceeding $100,000,000 in assets with this stock offering announcement. We are poised to grow and more capital will assist us in continuing our momentum.”
Steve Sefton, President, added, “Additional capital will enable the bank to grow faster. We are excited to hire more bankers with client following and increase the amount of money we can lend to any single borrower as our clients grow and expand their operations. We are enthusiastic about the possibilities.”
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES. ANY OFFER OF OUR COMMON STOCK WILL BE MADE ONLY ON THE TERMS SET FORTH IN THE OFFERING CIRCULAR. THESE SECURITIES ARE NEITHER INSURED NOR APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT HAS NOT APPROVED THESE SECURITIES.
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.