OptimumBank Holdings, Inc. (OPHC-NASDAQ) OptimumBank (the “Bank”) Announces OptimumBank’s Entry into Accounts Receivable Financing to Skilled Nursing Facilities

Florida, UNITED STATES


Fort Lauderdale, FL, Dec. 06, 2021 (GLOBE NEWSWIRE) -- After completing its best quarter in many years, with the Bank’s year-to-date earnings reaching of $2,244K as of September 30, 2021, OptimumBank is excited to announce its entry into the skilled nursing lending space. Chairman Moishe Gubin is pleased to announce the approval of the Bank’s first Senior Healthcare Facility loan as part of the Bank’s updated strategic plan to address current and future financing needs of the Senior Healthcare Industry.

As an owner of a portfolio of healthcare properties and former Chief Financial Officer and Manager of Infinity Healthcare Management, LLC, Chairman Gubin stated, “As our senior population grows exponentially with longer lifespans, the demand for care is increasing as well as the business opportunities available to long-term care operators. I am especially pleased that OptimumBank is now positioned to help support their current and future financing need.”

Michael Blisko, who was elected to the Board of Directors at the 2021 Annual Meeting of Stockholders, possesses the professional abilities with a proven record of competence and accomplishments in the senior healthcare industry. Mr. Blisko is the CEO of Infinity Healthcare Management of Illinois and Infinity Healthcare Management of Indiana, healthcare consultancies that have agreements with facilities housing over 6,000 licensed skilled nursing beds in the following states: Illinois, Indiana, and Tennessee.

Additionally, Mr. Michael Johnson recently joined OptimumBank as a member of its lending team. Mr. Johnson is a seasoned lender and has extensive commercial lending experience in the Senior Healthcare Industry, specifically with transactions associated with operating entity working capital lines, property entity acquisitions, re-finance and bridge to HUD loans in conjunction with the establishment of an appropriate treasury management setup.

Chairman Gubin stated “The addition of Mr. Blisko to our Board of Directors and Mr. Johnson to our lending team will inevitably contribute to the development of new business relationships for the Bank and towards the ultimate accomplishment of meeting our strategic lending initiatives to the Senior Healthcare industry.

Avi Zwelling, who has been a Director of the Company and OptimumBank since December 2017, has done legal work for many skilled nursing facilities. Mr. Zwelling is the managing partner of Zwelling Law, PLLC which has offices in Boca Raton, Florida and Chicago, Illinois. Mr. Zwelling has been providing legal services to the Company and the Bank since 2012.

The Bank plans to focus on smaller accounts receivable lines that current lenders in the space shy away from. “The Bank anticipates a lot of deal flow from nursing home owners that have needs that are smaller than their current nursing home lenders’ desire”, said Chairman Moishe Gubin.

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 banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

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