FORT LAUDERDALE, Fla., Oct. 25, 2013 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today that NASDAQ had accepted OptimumBank Holdings, Inc. business plan and recapitalization efforts and will allow continued listing on NASDAQ.
As part of the Company's aggressive effort to shed troubled assets, loan write-downs caused the Holding Company's capital to fall slightly below listing requirements. The Holding Company was able to demonstrate that the charges were one time in nature and that earnings and performance had improved.
Chairman Moishe Gubin said, "We at OptimumBank are buoyed by the decision of NASDAQ and we fully intend to operate at the level NASDAQ expects. We remain confident in the bank and we look forward to our profitability in the near future."
The Company offers a wide array of lending and retail banking products to individuals and businesses in Broward, Miami-Dade and Palm Beach Counties through its executive offices and three branch offices in Broward County, Florida.
This press release includes forward-looking statements and OptimumBank Holdings, Inc. intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe OptimumBank Holdings, Inc.'s expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. OptimumBank Holdings, Inc. undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.