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

Rhea-AI Filing Summary

Castle Creek Capital Partners VII, LP amended its Schedule 13D for CF Bankshares Inc. (CFBK) to report open-market sales and an updated beneficial ownership calculation. Between July 22, 2025 and August 13, 2025 Fund VII sold a total of 66,285 shares of Voting Common Stock for proceeds of $1,650,396.88, leaving the fund with 447,572 shares held directly. Fund VII is nonetheless deemed to beneficially own 585,059 shares, or approximately 9.9% of the outstanding Voting Common Stock, because that figure includes up to 137,487 shares issuable upon conversion of Non-Voting Common Stock under the Ownership Cap. The filing lists specific sale dates, share counts and weighted average prices for the transactions disclosed.

Positive

• Transparent disclosure of recent open-market transactions with dates, quantities, and weighted average prices
• Material beneficial ownership remains at approximately 9.9%, indicating continued significant economic interest
• Clear explanation of conversion assumptions and the Ownership Cap used to compute beneficial ownership

Negative

• Fund VII sold 66,285 shares reducing direct holdings to 447,572 shares
• Net proceeds of $1,650,396.88 indicate partial liquidation of position in the reporting period

Insights

Financial Analyst

TL;DR: Reported sales reduced direct holdings but Fund VII remains a near-10% beneficial holder; disclosures are routine and transparent.

The amendment details 66,285 shares sold across multiple dates at weighted average prices ranging from $24.00 to $25.28, producing net proceeds of $1,650,396.88. Despite those sales, Fund VII is reported as beneficial owner of 585,059 shares (9.9%) after including the maximum convertible amount of 137,487 shares subject to an Ownership Cap. The filing clarifies shared voting/dispositive power with Castle Creek Capital VII LLC and excludes 461,113 Non-Voting shares that are not currently convertible within 60 days. This is a precise update on position and recent liquidity actions rather than a change in strategic control.

Corporate Governance Expert

TL;DR: Governance disclosure is clear: shared voting power noted and conversion mechanics explained; no new control claim.

The amendment reiterates that Fund VII and CCC VII share voting and dispositive power over the reported 585,059 shares and that CCC VII disclaims beneficial ownership except for pecuniary interest. The filing explains the treatment of Non-Voting Common Stock and the Ownership Cap used to calculate the 9.9% figure. From a governance perspective, the filing documents position and conversion assumptions transparently and contains no additional agreements or changes to control disclosed in this amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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)

08/13/2025

(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 585,059.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 585,059.00

11

Aggregate amount beneficially owned by each reporting person

585,059.00

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:

(1) 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 585,059.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 585,059.00

11

Aggregate amount beneficially owned by each reporting person

585,059.00

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:

(1) 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. 11 to Schedule 13D (this "Amendment No. 11") 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, Amendment No. 9 filed on July 10, 2025 and Amendment No. 10 filed on July 23, 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. 11 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 22, 2025 and August 13, 2025 (inclusive), Castle Creek Capital Partners VII, LP ("Fund VII") sold an aggregate of 66,285 shares of Voting Common Stock for proceeds of $1,650,396.88, which represents an amount net of commissions and fees, in various open-market transactions. Following such transactions, Fund VII owns 447,572 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 585,059 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 447,572 shares of Voting Common Stock held by Fund VII and (ii) the maximum number of shares (i.e., 137,487 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 461,113 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 5,909,694 shares of Voting Common Stock of the Company outstanding, which was calculated based on (i) 5,772,207 shares of Voting Common Stock outstanding as of August 4, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 8, 2025, and (ii) increased by the 137,487 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 585,059 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) 2,364 shares of Voting Common Stock sold on July 22, 2025 at a weighted average price of $24.01 per share (in multiple open market, broker-assisted transactions ranging from $24.00 to $24.075 per share, inclusive); (ii) 420 shares of Voting Common Stock sold on July 23, 2025 at a price of $24.00 per share; (iii) 689 shares of Voting Common Stock sold on August 4, 2025 at a weighted average price of $24.00 per share (in multiple open market, broker-assisted transactions ranging from $24.00 to $24.075 per share, inclusive); (iv) 1,139 shares of Voting Common Stock sold on August 5, 2025 at a price of $24.00 per share; (v) 3,305 shares of Voting Common Stock sold on August 6, 2025 at a price of $24.00 per share; (vi) 2,537 shares of Voting Common Stock sold on August 7, 2025 at a price of $24.00 per share; (vii) 1,242 shares of Voting Common Stock sold on August 8, 2025 at a price of $24.05 per share; (viii) 12,257 shares of Voting Common Stock sold on August 11, 2025 at a weighted average price of $24.71 per share (in multiple open market, broker-assisted transactions ranging from $24.50 to $25.15 per share, inclusive); (ix) 23,406 shares of Voting Common Stock sold on August 12, 2025 at a weighted average price of $25.28 per share (in multiple open market, broker-assisted transactions ranging from $24.875 to $25.895 per share, inclusive); and (x) 18,926 shares of Voting Common Stock sold on August 13, 2025 at a weighted average price of $25.21 per share (in multiple open market, broker-assisted transactions ranging from $25.00 to $25.76 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:	08/15/2025

Castle Creek Capital VII LLC

Signature:	/s/ Tony Scavuzzo
Name/Title:	Tony Scavuzzo, Managing Principal
Date:	08/15/2025

FAQ

How many CF Bankshares (CFBK) shares does Castle Creek Fund VII beneficially own after this amendment?

The filing reports Fund VII as beneficial owner of 585,059 shares, representing approximately 9.9% of Voting Common Stock (including convertible shares under the Ownership Cap).

How many CFBK shares did Castle Creek sell between July 22, 2025 and August 13, 2025?

Fund VII sold an aggregate of 66,285 shares in various open-market transactions during that period.

What proceeds did Castle Creek receive from the disclosed CFBK sales?

The sales generated net proceeds of $1,650,396.88, net of commissions and fees.

Does Castle Creek retain voting power over the reported shares of CFBK?

Yes. The filing states Fund VII has shared voting power and shared dispositive power over the 585,059 shares, with CCC VII disclaiming beneficial ownership except for pecuniary interest.

Are Non-Voting shares included in the beneficial ownership total?

The filing excludes 461,113 Non-Voting Common Stock from the reported total because Fund VII does not have the right to acquire Voting Common Stock with respect to those within 60 days; however, up to 137,487 shares issuable upon conversion are included in the 585,059 calculation due to the Ownership Cap.