Endeavor Bank (OTC Pink: EDVR) has extended the cutoff date to invest in its capital offering from January 24, 2020 to February 21, 2020.
Momentum has accelerated in recent weeks and so by extending the deadline, the Bank anticipates the additional time will maximize the amount of capital it hopes to raise in this capital round.
Dan Yates, CEO, stated, "We are raising more capital to enable us to grow faster by hiring more producers, and to increase the Banks’ legal lending limit in order to better serve our target market. We have a significant number of new investors participating in this round as well as continued support from current investors."
Steve Sefton, President, added, "We believe that our strong asset, loan, and deposit growth in 2019 reflects the opportunity that exists in the local market for Endeavor’s brand of business banking. We believe this is a compelling case for investors to consider joining us by investing in this round. Ordinarily, banks use an investment banker or professional fundraiser to find investors. Instead, the Endeavor Bank team chose to raise capital using a grass roots approach led by management targeting local business owners rather than institutional investors. If the offering was completed today, our local shareholder base would increase from the original 452 shareholders to over 600. We expect that number to grow by the time we finish the raise. That over 90% of our shareholders are locally based provides a built-in affinity group to support the Bank."
Yates stated, "We invite potential investors to reach out to us, or see our investor website at www.edvrstockoffer.com for more information on the offering."
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, WHICH IS AVAILABLE AT www.edvrstockoffer.com. THE SECURITIES OFFERED THROUGH THE OFFERING CIRCULAR 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 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.
Endeavor Bank Contact Information:
Dan C. Yates, CEO
Steven D. Sefton, President
750 B Street, Suite 3110
San Diego, CA 92101