OptimumBank Holdings, Inc. Announces Termination of Consent Order for OptimumBank


FORT LAUDERDALE, FL, Sept. 10, 2018 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq: OPHC) announced today that the Federal Deposit Insurance Corporation (FDIC) and the Florida Office of Financial Regulation have terminated the joint Consent Order issued on November 10, 2016, to the Corporation’s subsidiary, OptimumBank.

Moishe Gubin, Chairman of the Board and President of OPHC stated, “the Board and management have worked hard to place the company in this position so that we can focus our attention on growing the Bank and creating value for our shareholders.” The Board believes that with the termination of the Consent Order, the Bank will be able to implement its strategic plan by allowing its employees to focus their time and attention on the needs of the Bank’s customers and community.

Since stipulating to the Consent Order, OptimumBank has made substantial improvements and has enhanced its BSA/AML Program, and has reorganized its management team to provide for heightened oversight in the changing banking environment.

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 three 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.

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