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Endeavor Bank Announces 2019 First Quarter Financial Results

San Diego’s first new community bank in 10 years continues to grow

SAN DIEGO–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24EDVR&src=ctag" target="_blank"gt;$EDVRlt;/agt; lt;a href="https://twitter.com/hashtag/bankendeavor?src=hash" target="_blank"gt;#bankendeavorlt;/agt;–Endeavor Bank (OTC Pink: EDVR), is pleased to report continued and
steady loan and deposit growth for the first quarter of 2019. Unaudited
results as of the March 31, 2019 reporting date show total assets of
$89.0 million compared to $87.2 million at December 31, 2018, an
increase of $1.8 million, or 2%, and an increase of $58.8 million, or
195% from the same period in 2018. Total deposits at March 31, 2019 were
$68.2 million, an increase over the prior quarter end of $2.4 million,
or 4%, and an increase of $62.8 million from March 31, 2018, of which
38% are non-interest bearing. Total loans grew about 30% during the
first quarter of 2019, standing at $56.3 million on March 31, 2019, as
compared to $0.4 million at March 31, 2018.

Dan Yates, CEO, stated, “As we launch into our second year, we are
well-positioned for further balance sheet growth while maintaining
strong liquidity. We continue to spread the word about San Diego’s
newest bank, owned and operated by San Diegans for San Diego businesses
and their owners.”

Endeavor Bank is also pleased to report the addition of a new member to
the management team, Danna Murphy, who will assume the role of Executive
Vice President and Chief Financial Officer, pending regulatory approval
of her appointment. Danna will replace Robert Lampert who is stepping
down from his day-to-day role but will continue to be available to
support the bank as a consultant on special projects. Danna has an
impressive resume, including a seven-year stint as an FDIC banking
regulator and several prior roles as EVP/CFO in local community banks.

Steve Sefton, President, added, “Danna will step into the CFO role to
continue the legacy of excellence that Bob left us. We are excited to
bring Danna’s experience and talent to the team and we are thankful for
Bob Lampert’s contributions in conceiving, organizing, launching, and
growing the bank.”

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.

Forward-Looking Statements

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.

Contacts

Endeavor Bank Contact Information:
(858) 230.5185
Dan
C. Yates, CEO
[email protected]

(858) 230.4243
Steven D. Sefton, President
[email protected]

leverton

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