SAN DIEGO–(BUSINESS WIRE)–Endeavor Bank (“Bank”) (OTC Pink: EDVR) today announced that Endeavor Bancorp (“Bancorp”) has become its holding company following shareholder and regulatory approval.
As previously announced, Bancorp had been created as a subsidiary of the Bank, and in March Bancorp successfully issued $15,000,000 of subordinated debt in an institutional private placement. The completion of Bancorp’s reorganization to become the Bank’s holding company fulfills the Bank’s previously announced plan; the Bank is released from its guarantee on the subordinated debt; and funds raised through the subordinated debt offering will be used for general corporate purposes.
Following the transformation of Bancorp into a holding company of the Bank, each common share of the Bank is converted into one share of Bancorp. Bancorp’s shares will trade under the symbol “EDVR”, which is the same symbol under which the Bank’s shares traded on the OTC Pink. Shareholders are not required to take any action to convert their Bank shares into Bancorp shares.
CEO Dan Yates commented: “The Bank is currently well capitalized, and as Endeavor Bancorp has become our bank holding company, the under-debt will help us stay well capitalized as we continue to implement our growth strategy. In addition, the future benefits of having a holding company include additional flexibility in expanding our business through the acquisition of other financial institutions, the establishment of new banking subsidiaries in other markets, the ability easier repurchase of securities and increased flexibility in acquiring or establishing other bank-related businesses, all actions subject to applicable regulatory requirements. Bancorp currently has no acquisitions or other plans, but we want to be able to take advantage of strategic opportunities as they arise.
About Endeavor Bancorp and Endeavor Bank
Endeavor Bancorp 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 of Directors, local founders, local owners, and local customer relationships in the San Diego metro market and surrounding areas.
Based in downtown San Diego in the historic Symphony Towers building, the Bank also operates a loan origination and executive administration office in Carlsbad and a new loan origination office in East County. Endeavor Bank provides traditional business banking solutions across a wide range of industries and specialties. Unique to the bank is its consultative banking approach which pairs our commercial clients with Endeavor Bank’s senior management. Together, we develop strategies and provide resources that solve problems, plan for the future, and help customers grow revenue and profits. Visit www.bankendeavour.com for more information.
With many of our shareholders transferring their EDVR shares to their brokerage firms, as well as ongoing transactions, the Bank may not have the most recent shareholder contact information. If you are an EDVR shareholder and would like to receive information via a faster method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so that we can keep you up to date with EDVR news and invite you to various shareholder networking events throughout the year.
This press release contains “forward-looking statements”, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the directors and officers of the Bank and Bancorp (collectively, “”) , as well as the assumptions made by management and the information currently available to it. All statements regarding Bancorp’s and the Bank’s business strategy and management’s plans and objectives 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, with respect to Bancorp, the Bank or management, are intended to identify forward-looking statements. Although Bancorp and the Bank believe that the expectations reflected in these forward-looking statements are reasonable, they cannot guarantee that these expectations will prove to be correct. Important factors that could cause actual results to differ materially from Bancorp’s and the Bank’s expectations (“Cautions”) are the effects of the COVID-19 pandemic and related government actions on the Bank and its customers. , Loan Losses, Interest Rate Changes, Loss of Key Personnel, Lower Lending Limits and Capital than Competitors, Regulatory Restrictions and Bank Oversight, Secure and Efficient Implementation technology, risks related to the local and national economy, the Bank’s implementation of its business plans and growth management, loan performance, interest rates and regulatory matters, the effects of trade, monetary and fiscal policies, inflation and changes in accounting policies and practices. As conditions change, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described as anticipated, believed, estimated, expected or planned. Bancorp and the Bank do not intend to update these forward-looking statements.