| 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). |
