Endeavor Bank closes its secondary capital offering with $7,923,109 in new capital, which reflects an oversubscription to the previously announced range of $6 million to $7.5 million.
“We are very pleased with the result of the secondary capital raise. 136 investors joined us in this raise by investing in Bank stock. We now have over 600 investors, with over 90% coming from local San Diego business leaders,” said Dan Yates, CEO,_x000D_
“This capital raise continues and expands our strategy to grow a local bank with local decision-making for local businesses. Our local themed strategy is working.”_x000D_
Steve Sefton, President, added, “The reason we embarked on this second capital raise was to invest more capital to hire more bankers and increase the lending limit we can lend to any single client. Just short of $8 million in new capital will allow us to achieve these growth goals.”
San Diego, CA-based Endeavor Bank is primarily owned and operated by San Diegans for San Diego businesses and their owners. 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.
