OptimumBank Holdings, Inc. Provides Update From Annual Shareholder Meeting
September 05 2019 - 1:00PM
Optimum Bank Holdings, Inc. (www.OptimumBank.com) (OPHC), the
parent company of Optimum Bank, a bank that provides a range of
consumer and commercial banking services to individuals and
businesses is pleased to provide an update to shareholders
following the Annual Shareholder Meeting that was held on August
27, 2019.
The purpose of the meeting was to report on
current progress and present several proposals as the Company works
with a restructured management team and Board of Directors to
implement a strategic business plan as the Company emerges from
major regulatory issues.
“The Bank had faced numerous regulatory issues
resulting from problems associated with The Great Recession of 2007
and the Housing Market Crash,” noted Moishe Gubin, Chairman of
Optimum Bank. “The issues the Bank faced were daunting and needed a
good deal more than temporary fiscal bandages.”
Some of the notable achievements from the
meeting include:
- The election of seven directors, including Moishe Gubin, Joel
Klein, Martin Z. Schmidt, Avi M. Zwelling, Thomas Procelli, Chan
Heng Fai Ambrose and Jeffry Wagner;
- The approval of the issuance of up to 1,000,000 shares of
common stock in exchange for Trust Preferred Securities issued by
OptimumBank Capital Trust I;
- The approval of the participation of an affiliate of Moishe
Gubin, a director of the Company, in the exchange of common stock
for Trust Preferred Securities;
- The approval to increase the number of shares of common stock
authorized for issuance from 5,000,000 shares to 10,000,000 shares
in preparation of future stock offerings; and
- The ratification of the selection of Hacker, Johnson &
Smith, P.A. as the Company’s independent auditor for fiscal year
2019.
“Likely the biggest accomplishment from the
meeting was the Company securing the ability to convert defaulted
debt into equity so we can in turn raise more equity and work to
grow the Bank and deliver value to both shareholders and clients,”
stated Gubin. “We are very pleased of all the Bank has accomplished
over the past year and look forward to carrying this positive
momentum forward to achieve additional success. We are proud of the
efforts of all involved, the results of all the hard work and are
poised to establish ourselves as a premiere South Florida banking
entity” added Gubin.
About
OptimumBank Holdings, Inc.
OptimumBank Holdings,
Inc. was founded in 2000 and is based in Fort Lauderdale, Florida
and operates through three banking offices located in Broward
County, Florida. OptimumBank Holdings, Inc. operates as the bank
holding company for OptimumBank (the “Bank”) which provides a range
of consumer and commercial banking services to individuals and
businesses. The Bank accepts demand interest-bearing and
noninterest-bearing, savings, money market, NOW, and time deposit
accounts, as well as certificates of deposit The Bank offers
residential and commercial real estate, commercial, and consumer
loans, as well as lending lines for working capital needs. It also
provides debit and ATM cards; investment, cash management, and
notary and night depository services; and direct deposits, money
orders, cashier's checks, domestic collections, drive-in tellers,
and banking by mail, as well as Internet banking services.
Safe Harbor
Statement
This press release
contains forward-looking statements that can be identified by
terminology such as "believes," "expects," "potential," "plans,"
"suggests," "may," "should," "could," "intends," or similar
expressions. Many forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results to be materially different from any future results
or implied by such statements. These factors include, but are not
limited to, our limited operating history, managing our expected
growth, risks associated with integration of acquired websites,
possible inadvertent infringement of third party intellectual
property rights, our ability to effectively compete, our
acquisition strategy, and a limited public market for our common
stock, among other risks. OptimumBank Holdings, Inc.'s future
results may also be impacted by other risk factors listed from
time-to-time in its SEC filings. Many factors are difficult to
predict accurately and are generally beyond the company's control.
Forward-looking statements speak only as to the date they are made
and OptimumBank Holdings, Inc. does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Investor
Relations:
Investor
RelationsOptimumBank Holdings.
Incinvestor@optimumbank.com+1-954.900.2850
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