Castle Creek sells 137,263 CFBK shares; beneficial stake remains 9.5%

Rhea-AI Filing Summary

Castle Creek Capital Partners VII, LP amended its Schedule 13D to report open-market sales and an updated beneficial ownership position in CF Bankshares Inc. Between September 9 and September 22, 2025, Fund VII sold an aggregate of 137,263 shares of Voting Common Stock for proceeds of $3,406,467.98 (net of commissions). After those sales Fund VII directly holds 277,921 shares. The filing states Fund VII is deemed to beneficially own 608,221 shares, or approximately 9.5% of the Voting Common Stock, counting 330,300 shares issuable upon conversion of Non-Voting Common Stock. The calculation is based on a total of 6,370,807 Voting Common shares outstanding.

Positive

• Transparent disclosure of trade dates, volumes, and weighted average prices for each transaction
• Continues to hold a material beneficial stake of 608,221 shares (9.5%) when conversions are included

Negative

• Direct holdings reduced by the sale of 137,263 shares, lowering Fund VII's immediately held voting shares to 277,921
• Sales occurred across multiple days at weighted average prices ranging roughly from $24.40 to $25.43, realizing net proceeds of $3.41 million

Insights

Financial Analyst

TL;DR: Fund VII reduced its direct stake through planned open-market sales but remains a near-10% beneficial owner.

The schedule amendment discloses that Fund VII executed broker-assisted open-market sales totaling 137,263 shares for net proceeds of $3.41 million over September 9–22, 2025. Direct holdings decreased to 277,921 shares, but reported beneficial ownership remains 608,221 shares (9.5%) when including convertible non-voting shares. The disclosure clarifies trading prices, dates, and the conversion mechanics that underpin the percent ownership calculation. For investors, this is a clear, timely update of an activist/large holder position rather than an unexpected control change.

Corporate Governance Expert

TL;DR: The filing is a routine material-disclosure update showing partial sales while retaining significant convertible-linked influence.

The amendment transparently reports the mechanics of beneficial ownership: Fund VII’s beneficial stake includes both actual voting shares and shares issuable on conversion of Non-Voting Common Stock (330,300 shares). Shared voting and dispositive power are reported with affiliated entities. The disclosure meets Schedule 13D standards by detailing transaction timing, weighted average prices, and the resulting ownership percentage, which is relevant to board and shareholder dynamics but does not by itself indicate a change in control intent.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

The filing reports Castle Creek Capital Partners VII, LP sold an aggregate of 137,263 shares of Voting Common Stock between September 9 and September 22, 2025.

What proceeds did Castle Creek realize from the September 2025 sales?

Fund VII realized net proceeds of $3,406,467.98 from the aggregate sales, net of commissions and fees.

What is Castle Creek Fund VII's current direct and beneficial ownership in CFBK?

After the sales Fund VII directly holds 277,921 shares. It is deemed to beneficially own 608,221 shares (approximately 9.5%) including shares issuable on conversion.

How was the 9.5% ownership percentage calculated?

The percentage uses a denominator of 6,370,807 Voting Common shares outstanding, which reflects prior reported outstanding shares plus issued and issuable conversions noted in the filing.

Did the filing disclose the per-day weighted average sale prices?

Yes. The filing lists weighted average prices by date, ranging from about $24.40 to $25.43 across the reported transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/23/2025 - 09:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 16)

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)

09/15/2025

(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 608,221.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 608,221.00

11

Aggregate amount beneficially owned by each reporting person

608,221.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

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 608,221.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 608,221.00

11

Aggregate amount beneficially owned by each reporting person

608,221.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

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. 16 to Schedule 13D (this "Amendment No. 16") 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, Amendment No. 10 filed on July 23, 2025, Amendment No. 11 filed on August 15, 2025, Amendment No. 12 filed on August 26, 2025, Amendment No. 13 filed on August 29, 2025, Amendment No. 14 filed on September 8, 2025, and Amendment No. 15 filed on September 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. 16 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 September 9, 2025 and September 22, 2025 (inclusive), Castle Creek Capital Partners VII, LP ("Fund VII") sold an aggregate of 137,263 shares of Voting Common Stock for proceeds of $3,406,467.98, which represents an amount net of commissions and fees, in various open-market transactions. Following such transactions, Fund VII owns 277,921 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 608,221 shares of the Voting Common Stock, which represents approximately 9.5%* of the Voting Common Stock. Such number of shares of Voting Common Stock includes (i) the 277,921 shares of Voting Common Stock held by Fund VII and (ii) 330,300 shares of Voting Common Stock issuable to Fund VII and its affiliates upon conversion of the Non-Voting Common Stock held by Fund VII. *This calculation is based on 6,370,807 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, (ii) increased by the 268,300 shares of Voting Common Stock issued to Fund VII upon conversion of an equal number of shares of Non-Voting Common Stock on September 4, 2025 and (iii) increased by the 330,300 shares of Voting Common Stock that would be issued to Fund VII upon conversion of the shares of Non-Voting Common Stock held by Fund VII.
(b)	Fund VII has shared power to vote or direct the vote and shared power to dispose or direct the disposition of the 608,221 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) 11,465 shares of Voting Common Stock sold on September 9, 2025 at a weighted average price of $25.29 per share (in multiple open market, broker-assisted transactions ranging from $25.21 to $25.76 per share, inclusive); (ii) 1,673 shares of Voting Common Stock sold on September 10, 2025 at a weighted average price of $25.27 per share (in multiple open market, broker-assisted transactions ranging from $25.27 to $25.28 per share, inclusive); (iii) 28,159 shares of Voting Common Stock sold on September 11, 2025 at a weighted average price of $25.03 per share (in multiple open market, broker-assisted transactions ranging from $24.80 to $25.25 per share, inclusive); (iv) 14,849 shares of Voting Common Stock sold on September 12, 2025 at a price of $25.10 per share; (v) 12,925 shares of Voting Common Stock sold on September 15, 2025 at a weighted average price of $25.43 per share (in multiple open market, broker-assisted transactions ranging from $25.18 to $25.56 per share, inclusive); (vi) 11,091 shares of Voting Common Stock sold on September 16, 2025 at a weighted average price of $24.86 per share (in multiple open market, broker-assisted transactions ranging from $24.85 to $25.30 per share, inclusive); (vii) 4,690 shares of Voting Common Stock sold on September 17, 2025 at a weighted average price of $24.65 per share (in multiple open market, broker-assisted transactions ranging from $24.65 to $24.70 per share, inclusive); (viii) 9,987 shares of Voting Common Stock sold on September 18, 2025 at a weighted average price of $24.43 per share (in multiple open market, broker-assisted transactions ranging from $24.40 to $24.54 per share, inclusive); (ix) 26,891 shares of Voting Common Stock sold on September 19, 2025 at a weighted average price of $24.40 per share (in multiple open market, broker-assisted transactions ranging from $24.40 to $24.44 per share, inclusive); and (x) 15,533 shares of Voting Common Stock sold on September 22, 2025 at a weighted average price of $24.50 per share (in multiple open market, broker-assisted transactions ranging from $24.45 to $24.54 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:	09/23/2025

Castle Creek Capital VII LLC

Signature:	/s/ Tony Scavuzzo
Name/Title:	Tony Scavuzzo, Managing Principal
Date:	09/23/2025