SAN DIEGO--(BUSINESS WIRE)--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.
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 AND OFFERING CIRCULAR SUPPLEMENT AND RECONFIRMATION OFFER, WHICH ARE AVAILABLE AT www.edvrstockoffer.com. THE SECURITIES OFFERED THROUGH THE OFFERING CIRCULAR AND SUPPLEMENT ARE NEITHER INSURED NOR APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT HAS NOT APPROVED THOSE 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 failure of subscription applicants to reconfirm their subscriptions, 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.