continued In addition to Sefton and Yates, Endeavor’s management team includes Scott Parker as chief credit officer, Robert Horsman as chief banking officer, Robert Lampert, as chief financial officer and Nasrin Rostami as chief operations/risk officer.
The bank will be headquartered in downtown San Diego. It will also have an administrative and loan production office in Carlsbad. The bank plans to serve local companies and business owners countywide in all industries.
Only a handful of new banks have opened nationwide since the financial crisis, including Blue Gate Bank in Orange County - the first to open in California since that time. Another Orange County-based bank, called Infinity, is, like Endeavor, in organization following conditional FDIC approval earlier this year.
As of midyear, there were 174 California-based banks, according to the FDIC. That number has been shrinking in recent years, down about 10 percent from a total of 194 in 2015.
Endeavor Bank’s Path to Approval
August 2016: The proposed Endeavor Bank submits applications to the Federal Deposit Insurance Corp. and the California Department of Business Oversight for federal deposit insurance and a state charter, respectively.
March 2017: California Department of Business Oversight OKs Endeavor Bank’s application.
June: Names of the proposed bank’s CEO and president - Dan Yates and Steven Sefton - are revealed.
October: The FDIC approves Endeavor Bank’s application, subject to conditions including the raising of $25 million in initial capital.
December: Endeavor Bank tentatively plans to open sometime this month