Fort Lauderdale, FL, Oct. 03, 2019 (GLOBE NEWSWIRE) -- 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.
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