Endeavor Bancorp announced that it has received a round of subordinated notes for an aggregate gross proceeds of $12,500,000 on March 1, 2024. The notes carry fixed-to-floating rate. Principal on the notes is due on March 1, 2034, and the debt is not redeemable until March 1, 2029, except on the occurrence of certain specified events.

Interest only is payable in arrears prior to the due date, every six months during the fixed interest rate period and quarterly thereafter. The interest rate is fixed until March 1, 2029 at 9.00%, and thereafter floats based on the Three-Month Term SOFR (provided, however, that in the event Three-Month Term SOFR is less than zero, Three-Month Term SOFR shall be deemed zero) plus 498 basis points. The company will issue securities pursuant to exemption provided under regulation D. The transaction included participation from 10 investors.

The minimum investment accepted from any outside investor is $100,000.