OptimumBank Holdings, Inc. (OPHC-NASDAQ) – BUILDING ON A NEW FOUNDATION
October 03 2019 - 3:04PM
The last week of August saw the conclusion of several projects
undertaken by the Board of OptimumBank (the “Bank”) the subsidiary
of OptimumBank holdings (OPHC), and executive management of the
Bank. Significantly, the Strategic Plan and forecast for 2019
through 2020 was completed and key objectives clarified. The
Strategic Plan was notable since it is the first one since the
removal of the consent decree and MOU which allowed for greater
scope to be considered beyond increasing profitability. Special
focus was given to increasing shareholder value, the introduction
of new products and services, branch efficiency and locations, and
enhanced mobile banking. With the Bank’s momentum in loan and
deposit growth already evident, confidence is high that many of
these longer-term objectives will be met.
Specific Discussion points to address strategies mentioned
above:
- Enhanced visibility and ease of access for the branches
- Moving branch locations in targeted areas to better serve
customers and reach select target markets
- Creation of social media outreach
- Ongoing enhancements for mobile services and security
- More shareholder and investment outreach to increase stock
demand
In addition, the Annual Shareholder meeting of
OptimumBank Holdings, Inc. (the “Company”), the holding company for
the Bank was held in August, and proxies tabulated. All proposals
passed which clears the way to unlock shareholder value as a NASDAQ
listed small business bank. A summary of results and their
implications are summarized below
- The re-election of seven directors
- Note board composition includes
entrepreneurs with access to capital, markets and investors, an IT
and operations specialist, a known investment advisor and fund
manager, an attorney, an accountant, a foreign national with
banking and acquisition experience and a past regional CFO and
consultant in IT & payment & profitability enhancement. A
diverse and largely unparalleled board for the size of the
institution.
- The approval of the participation
of an affiliate of Moishe Gubin, a director of the Company, in an
exchange offer for the Trust Preferred Securities issued by
OptimumBank Capital Trust I (the “TruPS”)
- The approval of the issuance of up to 1,000,000 shares of
common stock in exchange for TruPS
- Importantly, these combined actions will eliminate debt and
replace same with equity
- 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
- As mentioned previously, OPHC is engaged in expansion,
acquisitions for products that would provide growth beyond loans
and deposits. Acquisitions, and joint ventures are a natural
outlook.
It is the intention of the Company to provide
periodic updates so that shareholders and potential investors may
monitor results.
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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