Chicago, March 5 – Endeavor Bancorp, the holding company for Endeavor Bank, placed $12.5 million of fixed-to-floating rate subordinated notes with a 10-year tenor, according to a press release.
The initial interest rate is 9% until 2029. It will reset starting March 1, 2029 to SOFR plus 498 basis points, subject to a 0% SOFR floor.
Performance Trust Capital Partners, LLC worked as the placement agent.
The debt is structured as tier 2 capital at the holding company and will be down streamed to the bank as tier 1 capital.
Proceeds will be used to support the strategic expansion into the greater Los Angeles and Inland Empire markets and for general corporate purposes.
Endeavor is a local bank that serves San Diego businesses and their owners.
| Issuer: | Endeavor Bancorp
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| Amount: | $12.5 million
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| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | March 1, 2034
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| Placement agent: | Performance Trust Capital Partners, LLC
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| Coupon: | 9% initial rate; resets on March 1, 2029 to SOFR plus 498 bps
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| Announcement date: | March 5
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| Distribution: | Private placement
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