OptimumBank Holdings, Inc. Appoints Mr. Heng Fai Ambrose Chan to the Audit Committee

UNITED STATES


Cures NASDAQ Non- Compliance Issue    

Fort Lauderdale, FL., Sept. 18, 2018 (GLOBE NEWSWIRE) -- Optimum Bank Holdings, Inc. the parent company of Optimum Bank (www.OptimumBank.com) (OPHC), a bank that provides a range of consumer and commercial banking services to individuals and businesses is pleased to announce the appointment of Mr. Heng Fai Chan to the Audit Committee.

“As a current Board Member I am very pleased to be bringing my expertise and experience to the Audit Committee of OptimumBank Holdings. We needed this position to be taken in order to cure the NASDAQ non-compliance issue we have been facing. Now that I am assuming this role the Bank can continue to grow in full compliance.” 

Mr. Chan is a Singaporean who, over the past 40 years has invested in, restructured and built many businesses in England, Hong Kong, China, Canada and the United States. Mr. Chan is the controlling shareholder of Heng Fai Enterprises Limited (Hong Kong Stock Exchange Listed, stock code: 185) formerly known as Xpress Group Limited.

Mr. Moishe Gubin, the Chairman of OptimumBank Holdings stated “I have tremendous confidence in Heng’s ability to Chair our Audit Committee with the highest level of professionalism. His experience in running businesses and his keen understanding of accounting makes him an ideal person for the role.

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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