Endeavor Bancorp becomes holding company for San Diego-based Endeavor Bank

Endeavor Bancorp has completed its reorganization to become the holding company for San Diego-based Endeavor Bank.

Pursuant to the reorganization, which received shareholder and regulatory approval, each share of Endeavor Bank common stock was converted into one share of Endeavor Bancorp. Shares of the new holding company will trade under the ticker symbol EDVR on the OTC Pink. Shareholders need not take any action to convert their shares.

In March, Endeavor Bancorp issued $15 million in subordinated debt in an institutional private placement. Following the reorganization, the bank is released from its guaranty of the subordinated debt, and the funds raised in the private placement will be used for general corporate purposes, according to a news release.