Endeavor Bancorp Completes Private Placement of $12.5 Million of Subordinated Debt and Announces Greater Los Angeles and Inland Empire Market Expansion
Summary
The Company intends to use the net proceeds primarily to support its strategic expansion into the greater Los Angeles and Inland Empire markets and for general corporate purposes. Our financial modeling supports the value and ability to leverage the new capital many times as we expand our team, positioning us to achieve much stronger returns over the next five years. Duncan Hughes joins the Company with a wealth of experience, boasting eighteen years in the LA/OC markets, most recently serving as a senior banker at a prominent LA-based commercial bank. His extensive leadership experience, coupled with his deep understanding of the local business landscape, makes him the perfect fit to lead our expansion efforts in the region. Important factors that could cause actual results to differ materially from the Companys expectations (cautionary statements) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, changes in real estate values, the Companys 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.