[SCHEDULE 13D/A] CF Bankshares Inc. SEC Filing

Rhea-AI Filing Summary

Castle Creek Capital Partners VII, LP filed Amendment No. 10 to its Schedule 13D disclosing open-market sales of 65,907 CF Bankshares Inc. (CFBK) voting shares between 9-21 Jul 2025, generating net proceeds of $1.59 million (weighted-average price ≈ $24.05/sh).

After these transactions the fund now directly owns 288,857 voting shares. Including up to 292,526 voting shares that could be received upon conversion of non-voting stock (subject to an ownership cap), the Castle Creek group is deemed to beneficially own 581,383 voting shares, equal to 9.9 % of the 5.87 million shares outstanding.

• Voting and dispositive power over the entire 581,383-share position is shared with Castle Creek Capital VII LLC.
• Individual trade prices ranged from $24.00 to $24.35 per share across seven sell orders executed on 9, 10, 14, 16, 17, 18 and 21 Jul 2025.
• Other sections of the original Schedule 13D remain unchanged; the amendment solely updates share counts and recent trading activity.

Positive

• Castle Creek still holds a sizable 9.9 % stake, aligning interests with minority shareholders.
• Potential conversion of 292,526 non-voting shares could expand economic exposure without additional cash outlay.

Negative

• Sale of 65,907 shares for $1.59 million indicates reduced commitment by a key shareholder.
• Ownership dropped below the 10 % threshold, which may be perceived as waning influence or confidence.

Insights

Financial Analyst

TL;DR: Large holder cut CFBK stake by 65.9k shares; ownership now 9.9%.

Castle Creek’s reduction takes its beneficial stake just under the 10 % threshold, signaling a modest decrease in exposure while still maintaining meaningful influence. The $24.05 average exit price is near recent trading ranges, suggesting the sales were liquidity-driven rather than opportunistic. From a valuation lens the disposal represents roughly 1.1 % of CFBK’s market cap, so immediate price impact is likely limited, yet continuous selling could weigh on sentiment. Overall, the filing is mildly negative for market psychology but does not alter CF Bankshares’ fundamentals.

Portfolio Manager

TL;DR: Position trimmed, but Castle Creek retains strategic holding.

Even after the sales Castle Creek controls access to 581k shares, preserving board-level relevance if desired. The amendment confirms liquidity activity rather than governance changes; no intent language or activist measures were updated. Investors should monitor further filings to gauge whether selling accelerates or stabilizes around the 10 % mark.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

CF BANKSHARES INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

12520L109

(CUSIP Number)

Deborah Sykes
11682 El Camino Real, Suite 320,
San Diego, CA, 92130
858-756-8300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/21/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 12520L109

1

Name of reporting person

Castle Creek Capital Partners VII, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 581,383.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 581,383.00

11

Aggregate amount beneficially owned by each reporting person

581,383.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Note to Row 8,10,11,13: The information set forth in Item 5 of this statement on Schedule 13D is incorporated herein by reference.

SCHEDULE 13D

CUSIP No. 12520L109

1

Name of reporting person

Castle Creek Capital VII LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 581,383.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 581,383.00

11

Aggregate amount beneficially owned by each reporting person

581,383.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

HC, OO

Comment for Type of Reporting Person:

Note to Row 8,10,11,13: The information set forth in Item 5 of this statement on Schedule 13D is incorporated herein by reference.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: CF BANKSHARES INC.
(c)	Address of Issuer's Principal Executive Offices: 4960 E. Dublin Granville Road, Suite #400, Columbus, OHIO , 43081.
Item 1 Comment: This Amendment No. 10 to Schedule 13D (this "Amendment No. 10") amends and supplements the Schedule 13D filed on December 24, 2019 (the "Original Schedule 13D", and as amended by Amendment No. 1 filed on March 31, 2020, Amendment No. 2 filed on June 1, 2020, Amendment No. 3 filed on November 26, 2024, Amendment No. 4 filed on December 3, 2024, Amendment No. 5 filed on December 12, 2024, Amendment No. 6 filed on May 14, 2025, Amendment No. 7 filed on May 22, 2025, Amendment No. 8 filed on July 3, 2025 and Amendment No. 9 filed on July 10, 2025 the "Schedule 13D") with the U.S. Securities and Exchange Commission (the "SEC"), relating to the shares of common stock, par value $0.01 per share ("Voting Common Stock"), of CF Bankshares Inc. (formerly known as Central Federal Corporation) (the "Issuer" or the "Company"). Unless specifically amended hereby, the disclosures set forth in the Schedule 13D remain unchanged. Capitalized terms used in this Amendment No. 10 that are not otherwise defined herein have the meanings attributed to them in the Original Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following: Between July 9, 2025 and July 21, 2025 (inclusive), Castle Creek Capital Partners VII, LP ("Fund VII") sold an aggregate of 65,907 shares of Voting Common Stock for proceeds of $1,585,685.19, which represents an amount net of commissions and fees, in various open-market transactions. Following such transactions, Fund VII owns 288,857 shares of Voting Common Stock.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) and (b) of the Schedule 13D is hereby amended and supplemented as follows: Fund VII is deemed to beneficially own 581,383 shares of the Voting Common Stock, which represents approximately 9.9%* of the Voting Common Stock. Such number of shares of Voting Common Stock includes (i) the 288,857 shares of Voting Common Stock held by Fund VII and (ii) the maximum number of shares (i.e., 292,526 shares) of Voting Common Stock issuable to Fund VII and its affiliates upon conversion of the Non-Voting Common Stock held by Fund VII taking into consideration the Ownership Cap. Such number of shares of Voting Common Stock excludes 531,074 shares of Non-Voting Common Stock. Since Fund VII does not presently, and will not within the next 60 days, have the right to acquire Voting Common Stock in respect of such Non-Voting Common Stock (due in part to the Ownership Cap), those underlying shares are not included in the amount reported herein. *This calculation is based on 5,872,556 shares of Voting Common Stock of the Company outstanding, which was calculated based on (i) 5,219,630 shares of Voting Common Stock outstanding as of May 8, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 12, 2025, (ii) increased by the 360,400 shares of Voting Common Stock issued to Fund VII upon conversion of an equal number of shares of Non-Voting Common Stock on May 21, 2025, and (iii) increased by the 292,526 shares of Voting Common Stock that would be issued to Fund VII upon conversion of the maximum number of shares of Non-Voting Common Stock permitted in light of the Ownership Cap.
(b)	Fund VII has shared power to vote or direct the vote and shared power to dispose or direct the disposition of the 581,383 shares of Voting Common Stock described above with CCC VII. CCC VII disclaims beneficial ownership of the Voting Common Stock beneficially owned by Fund VII, except to the extent of its pecuniary interest therein.
(c)	Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: Except as previously disclosed in the Schedule 13D, Fund VII has engaged in the following open market, broker-assisted transactions with respect to the Voting Common Stock during the last 60 days through the date of the event which requires filing of this Schedule 13D: (i) 15,469 shares of Voting Common Stock sold on July 9, 2025 at a weighted average price of $24.20 per share (in multiple open market, broker-assisted transactions ranging from $24.10 to $24.35 per share, inclusive); (ii) 3,110 shares of Voting Common Stock sold on July 10, 2025 at a weighted average price of $24.23 per share (in multiple open market, broker-assisted transactions ranging from $24.20 to $24.25 per share, inclusive); (iii) 3,195 shares of Voting Common Stock sold on July 14, 2025 at a weighted average price of $24.03 per share (in multiple open market, broker-assisted transactions ranging from $24.01 to $24.085 per share, inclusive); (iv) 395 shares of Voting Common Stock sold on July 16, 2025 at a weighted average price of $24.01 per share (in multiple open market, broker-assisted transactions ranging from $24.00 to $24.05 per share, inclusive); (v) 340 shares of Voting Common Stock sold on July 17, 2025 at a price of $24.00 per share; (vi) 2,753 shares of Voting Common Stock sold on July 18, 2025 at a price of $24.00 per share; and (vii) 40,645 shares of Voting Common Stock sold on July 21, 2025 at a weighted average price of $24.05 per share (in multiple open market, broker-assisted transactions ranging from $24.00 to $24.13 per share, inclusive).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Castle Creek Capital Partners VII, LP

Signature:	/s/ Tony Scavuzzo
Name/Title:	Tony Scavuzzo, Managing Principal
Date:	07/23/2025

Castle Creek Capital VII LLC

Signature:	/s/ Tony Scavuzzo
Name/Title:	Tony Scavuzzo, Managing Principal
Date:	07/23/2025

FAQ

How many CF Bankshares (CFBK) shares did Castle Creek sell?

The fund sold 65,907 voting shares between 9 and 21 July 2025.

What is Castle Creek’s current beneficial ownership of CFBK?

Including convertible non-voting shares, Castle Creek is deemed to own 581,383 voting shares, or 9.9 % of the class.

At what prices were the CFBK shares sold?

Sales were executed between $24.00 and $24.35 per share, averaging about $24.05.

Does the filing indicate any changes to Castle Creek’s investment intent?

No. The amendment only updates share counts and recent trades; all other disclosures remain unchanged.

How many voting shares does Castle Creek directly hold after the transactions?

The fund directly holds 288,857 voting shares following the reported sales.