OptimumBank Holdings, Inc. (OPHC-NASDAQ) – OPTIMUMBANK HOLDINGS INC RELEASED FROM FEDERAL RESERVE BOARD ENFORCEMENT ACTION
September 19 2019 - 4:00PM
OptimumBank Holdings, Inc. (www.OptimumBank.com) (the “Company”),
the parent company of OptimumBank, a bank that provides a wide
range of consumer and commercial banking services to individuals
and businesses, is pleased to announce the Federal Reserve Board
(“FRB”) terminated the Written Agreement with the Company.
The Written Agreement dated October 22, 2010
prohibited the Company, without prior approval of the FRB, from
paying cash dividends, taking dividends or payments from
OptimumBank, making interest, principal or other distributions on
account of the Junior Subordinated Debenture, incurring, increasing
or guaranteeing any debt, purchasing or redeeming any shares of
stock or appointing any new director or senior executive
officer.
“It’s a great day for OptimumBank. We feel this
action is validation that management is running a fine well
capitalized institution. The termination of the Written Agreement
provides the Company the flexibility to look at other avenues
of business generation to provide increased shareholder value”
noted Moishe Gubin, Chairman of OptimumBank.
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 wide 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 Relations
OptimumBank Holdings. Inc
investor@optimumbank.com
+1.954.900.2850
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