Fort Lauderdale, FL., Sept. 05, 2019 (GLOBE NEWSWIRE) -- 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.
OptimumBank Holdings. Inc