OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

Rhea-AI Summary

OptimumBank Holdings (OPHC) announced the resignation of board member Martin Schmidt from both OptimumBank and OptimumBank Holdings boards, effective January 28, 2025. Schmidt, who served as Director since August 2015, has been credited with helping the bank navigate through regulatory issues, resulting in a strong capital structure and significant growth.

Chairman Moishe Gubin acknowledged Schmidt's nearly decade-long service, highlighting his contributions to the bank's success. Schmidt, a South Florida resident, will continue to support the bank's success despite his departure. OptimumBank operates in Broward County, Florida, providing various consumer and commercial banking services, including deposit accounts, real estate loans, and digital banking solutions.

Positive

• Strong capital structure and explosive growth achieved during Schmidt's tenure
• Successfully resolved regulatory issues during board member's service period

Negative

• Loss of experienced board member with significant financial services expertise
• Reduction in board strength requiring potential replacement

Fort Lauderdale, FL, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Board member Martin Schmidt has informed the boards of OptimumBank (the “Bank”), and OptimumBank Holding, Inc. (the “Company”), that he will resign from both boards, effective January 28, 2025. Mr. Schmidt will remain fully supportive of the continued success of the Bank and Company.

Mr. Schmidt resides in South Florida and has served as a Director since August 2015. Mr. Schmidt’s significant experience in the financial services industry helped the board to recover through regulatory issues as quickly as possible leaving the Bank with a strong capital structure, explosive growth and a bright future. Chairman Moishe Gubin commented: “It was a pleasure having Martin Schmidt on the Boards for nearly a decade. His insight and wisdom assisted the Bank and Company in innumerable ways and on a more personal note, I looked forward to his cheerful disposition during our monthly meetings. On behalf of myself and the Board of Directors I would like to thank Martin for his loyalty and contributions and wish him well in his future endeavors.”

‍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 disposal of 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.

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.

Investor Relations & Corporate Relations

Contact: Seth Denison
Telephone: (305) 401-4140
Email: SDenison@OptimumBank.com

FAQ

When did Martin Schmidt resign from OptimumBank Holdings (OPHC) board?

Martin Schmidt resigned from both OptimumBank and OptimumBank Holdings boards effective January 28, 2025.

How long did Martin Schmidt serve on OPHC's board?

Martin Schmidt served as a Director since August 2015, nearly a decade of service.

What were Martin Schmidt's key achievements during his tenure at OPHC?

Schmidt helped the bank recover through regulatory issues, establish a strong capital structure, and achieve explosive growth.

What banking services does OptimumBank Holdings (OPHC) provide?

OPHC provides consumer and commercial banking services, including deposit accounts, residential and commercial real estate loans, consumer loans, and digital banking services in Broward County, Florida.