Endeavor Bank (OTC Pink: EDVR), is pleased to report continued loan and deposit growth since opening for business on January 22, 2018. Unaudited results as of the December 31, 2018, reporting date show total assets of $87.2 million compared to $75.1 million at September 30, 2018, an increase of $12.1 million, or 16%. Total deposits at December 31, 2018 were $65.8 million, an increase over the prior quarter end of $12.9 million, or 24%. Total loans grew 19% during the fourth quarter of 2018, standing at $43.4 million on December 31, 2018.
Dan Yates, CEO, stated, As we pass our first anniversary, we are very pleased to report the continued growth of both our assets and the number of business relationships that are the foundation for our future. For year two, we have high expectations for further growth and improvement in our overall performance. We continue to gain steady momentum from shareholder referrals and by word of mouth from the San Diego business community, and we are humbled by San Diegos warm reception of Endeavor Banks consultative strategy.
Steve Sefton, President, added, Our focus continues to be consultative relationship building with owner managed companies. We match that advisory strategy with an industry leading platform of digital and online banking systems that we believe makes us unique in San Diego.
About Endeavor Bank
Endeavor Bank is primarily owned and operated by San Diegans for San Diego businesses and their owners. The banks 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.
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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 Banks 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 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 Banks directors and executive officers (collectively, Management), as well as assumptions made by and information currently available to the Banks Management. All statements regarding the Banks 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 Banks 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 Banks 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:
C. Yates, CEO
Steven D. Sefton, President