OPHC OptimumBank Holdings Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported) February 5, 2024

 

OPTIMUMBANK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Florida		000-50755		55-0865043
(State or other jurisdiction of incorporation)		(Commission file number)		(IRS employer identification no.)

 

2929 East Commercial Boulevard
Ft. Lauderdale, Florida				33308
(Address of principal executive offices)				(Zip Code)

 

(954) 776-2332

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities Registered pursuant to Section 12(b) of the Act:

 

Title of each class registered		Trading Symbol(s)		Name of exchange on which registered
Common Stock		OPHC		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On February 5, 2024, OptimumBank Holdings, Inc. issued a press release describing aspects of its subsidiary, OptimumBank’s, unaudited results of operations for the year ended December 31, 2023.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number		Exhibit Name		Filed Herewith
99.1		Press release dated February 5, 2024		*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)		*

 

The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

OPTIMUMBANK HOLDINGS, INC.
Date:	February 5, 2024
By:	/s/ Moishe Gubin
	Moishe Gubin
	Chairman of the Board of Directors

 

 

 

Exhibit 99.1

 

OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces 2023 Full Year Results for OptimumBank (the “Bank”)

 

Fort Lauderdale, FL, Feb. 05, 2024 (GLOBE NEWSWIRE) - OptimumBank Holdings, Inc., (NASDAQ: OPHC) (the “Bank”) ended the year with net income of $13,808,107 before credit loss and tax expenses, or $7,254,285 including those expenses. At December 31, 2023, the Bank had shareholder equity amounting to $70 million. The Bank has been growing assets year over year and ended 2023 at $791,052,397, 35.53% larger than the prior year of $583,693,724. The Bank’s loan portfolio increased 40.69% to $680,069,842 over the prior year of $483,382,801. The Bank’s secured lending limit has reached $18,749,670 and its unsecured lending limit to $11,249,802. These results are unaudited and do not reflect the consolidation of the Bank with its parent holding company, OptimumBank Holdings, Inc. Such consolidated results may be materially different than the Bank-only results reported above.

 

Chairman Moishe Gubin commented: “Our strategic plan, clear performance objectives and dedicated leadership have achieved well managed capital ratios, and finding the right opportunities to improve short and long-term financial performance. Our newly started national SBA lending program is expected to achieve $50MM in closings during 2024 and we have accomplished significant progress this year in providing approximately $20MM in accounts receivable credit lines to Skilled Nursing Facilities throughout the country.” Chairman Gubin continued “the Bank is on solid footing with strong support from our loyal business customers who continue to use us as their bank of choice as well as referring us to their many friends and business associates. Loan approval decisions are accomplished quickly when necessary to meet the needs of our customers. Our outreach efforts in the communities throughout South Florida over the past several years have proven to be extremely rewarding.”

 

About OptimumBank Holdings, Inc.

 

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and 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. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

 

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:

 

OptimumBank Holdings. Inc.

investor@optimumbank.com

+1.954.900.2850

 

 

v3.24.0.1

Cover	Feb. 05, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 05, 2024
Entity File Number	000-50755
Entity Registrant Name	OPTIMUMBANK HOLDINGS, INC.
Entity Central Index Key	0001288855
Entity Tax Identification Number	55-0865043
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	2929 East Commercial Boulevard
Entity Address, City or Town	Ft. Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33308
City Area Code	(954)
Local Phone Number	776-2332
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	OPHC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Information, Former Legal or Registered Name	Not Applicable

---