Endeavor Bancorp in San Diego raised $10 million through a private placement.
The company said in a press release that it sold nearly 667,000 shares of common stock at $15 each. The initial plan was to raise $8 million, but the offering was oversubscribed.
Endeavor plans to use the proceeds to support organic and strategic growth opportunities.
“The success of this capital raise is a reflection of the strength of our bank and the dedication of our board … management and team members as we expand our community bank throughout Southern California, providing our style of consultative banking to businesses who need us,” CEO Dan Yates said in the release.