ENDEAVOR BK Stock Price, News & Analysis

Endeavor Bank (OTC Pink: EDVR) has appointed Jillian Murrish and Bryan Min to its board of directors. Murrish, co-founder and CEO of Pier Asset Management, brings extensive experience in alternative credit and capital markets. Min, a U.S. Navy veteran and founder of Epsilon Systems, has a strong background in engineering and community service. Their addition aims to enhance the bank's consultative approach to business banking, supporting local enterprises in San Diego.

Endeavor Bank (OTC Pink: EDVR) has been recognized as the top-performing community bank in California and ranked 15th in the United States by CB Resource. This acknowledgment is part of the CB Top Ten™ report for Q2 2022, highlighting banks with assets between $250 million and $499 million. CEO Dan Yates expressed gratitude for the support from employees and clients, emphasizing the bank's consultative approach to local business owners. The rankings reflect the bank's strong performance indicators, including asset growth and efficiency ratios.

Endeavor Bank (OTC Pink: EDVR) has announced the establishment of Endeavor Bancorp as its holding company following shareholder and regulatory approval. In March, Bancorp successfully raised $15 million in subordinated debt. This reorganization allows for greater flexibility in business expansion and provides capital to support growth strategies. Each share of Endeavor Bank converts to one share of Bancorp, maintaining the same ticker symbol, EDVR. The management aims to leverage this structure to capitalize on strategic opportunities in the financial sector.

Endeavor Bank reported strong core loan growth in its first quarter results, with core loans increasing by over $34 million (12%) and $128 million (69%) year-over-year. Total gross loans amounted to $332 million, but total deposits declined by $11 million in Q1 2022. Earnings before loan loss reserves rose by $1,327,000, up 72% from $768,000 in 2021. The bank increased loan loss reserves by $420,000, now totaling $4.495 million. The net interest margin improved to 4.07%, compared to 3.67% last year.

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Endeavor Bank announces the appointment of Odie Goward as the new Senior Vice President, marking a strategic expansion into East County with a new office in La Mesa, CA. Goward, who has extensive banking experience since 1991, will manage business development in areas like El Cajon and Lemon Grove. CEO Dan Yates expressed optimism about the bank's growth in the San Diego community. This move is anticipated to enhance local banking access for business owners, reflecting the bank's commitment to regional development.

Endeavor Bancorp (OTC Pink: EDVR) announced the successful issuance of $15,000,000 in subordinated debt through an institutional private placement, facilitated by Performance Trust Capital Partners, LLC. The funds will be retained for operational expenses and are intended for general corporate purposes once Endeavor Bancorp becomes the bank holding company for Endeavor Bank. The fixed interest rate is set at 5.00% until March 15, 2027, after which it will float based on the Three-Month Term SOFR. CEO Dan Yates noted the positive implications for capital and lending limits.

Rebecca Humphries, senior vice president at Endeavor Bank, has been elected chair of the California Southern Small Business Development Corporation for a two-year term. This organization aims to provide financial support to small businesses that might struggle to secure conventional loans. With a focus on assisting minority and women-owned businesses, the corporation emphasizes reducing financial risk through loan guarantees. Under Humphries' leadership, the goal is to expand access to capital and support economic growth in California.

Endeavor Bank reported record earnings of $5.024 million for FY 2021, up from $1.416 million in FY 2020. This increase is attributed to core loan growth of $114 million (69%) and deposit growth of $93 million (38%). The net interest margin improved to 3.65% from 3.31%. However, as PPP fees decline, net earnings may drop in FY 2022. The formation of Endeavor Bancorp is pending regulatory approval, which would result in shareholders receiving shares on a one-for-one basis.