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

Rhea-AI Filing Summary

Castle Creek Capital Partners VII, LP reported open-market sales of 76,896 shares of CF Bankshares Inc. Voting Common Stock on September 5 and September 8, 2025, generating proceeds of $1,933,263.23 net of commissions and fees. After those sales, Fund VII directly holds 415,184 shares of Voting Common Stock.

The Schedule 13D/A states Fund VII is deemed to beneficially own 618,098 shares, or approximately 9.9% of Voting Common Stock. That 618,098 figure includes 415,184 directly held shares plus up to 202,914 shares issuable upon conversion of Non-Voting Common Stock, and excludes 127,386 Non-Voting shares that Fund VII cannot convert within 60 days due to an Ownership Cap. The filing discloses sale prices: 50,000 shares sold on September 5, 2025 at a weighted average of $24.97 and 26,896 shares sold on September 8, 2025 at a weighted average of $25.55.

Positive

• Clear disclosure of open-market transactions, including dates, quantities and weighted average prices
• Precise beneficial ownership calculation that explains inclusion of convertible Non-Voting shares and exclusion of those blocked by the Ownership Cap
• Net proceeds reported ($1,933,263.23), giving transparency on the economic outcome of the sales

Negative

• Reduction in direct holdings: Fund VII's direct Voting Common shares decreased to 415,184 following the sales
• Conversion constraint: 127,386 Non-Voting shares are excluded because they cannot be converted within 60 days due to the Ownership Cap, limiting potential near-term voting influence

Insights

Financial Analyst

TL;DR: Routine Schedule 13D amendment discloses modest open-market sales and reconfirms approximately 9.9% beneficial ownership.

Castle Creek's disclosure documents recent liquidity actions: 76,896 shares sold for $1.93 million net, reducing Fund VII's direct Voting Common holdings to 415,184 shares. The filing clarifies how conversion mechanics and an Ownership Cap affect the calculation of beneficial ownership, resulting in a reported 618,098 shares (9.9%). This is a technical update reflecting trading activity and conversion accounting rather than a change in control or a new strategic transaction. Key metrics are explicit: sale dates, weighted average prices, and the precise shares included and excluded from the beneficial ownership total.

Corporate Governance Expert

TL;DR: Amendment clarifies voting/dispositive power and conversion limits; disclosure is compliance-focused, not indicative of immediate governance changes.

The Schedule 13D/A reiterates that Fund VII shares voting and dispositive power with affiliated entities and disclaims certain beneficial ownership to the extent of pecuniary interest. It also documents that 127,386 Non-Voting shares are excluded from the reported total because they cannot be converted within 60 days due to an Ownership Cap. The amendment is a compliance-driven update to ownership figures and transaction history and does not announce board or control shifts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)

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)

09/08/2025

(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 618,098.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 618,098.00

11

Aggregate amount beneficially owned by each reporting person

618,098.00

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 618,098.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 618,098.00

11

Aggregate amount beneficially owned by each reporting person

618,098.00

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. 15 to Schedule 13D (this "Amendment No. 15") 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, and Amendment No. 14 filed on September 8, 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. 15 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: On September 5, 2025 and September 8, 2025, Castle Creek Capital Partners VII, LP ("Fund VII") sold an aggregate of 76,896 shares of Voting Common Stock for proceeds of $1,933,263.23, which represents an amount net of commissions and fees, in various open-market transactions. Following such transactions, Fund VII owns 415,184 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 618,098 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 415,184 shares of Voting Common Stock held by Fund VII and (ii) the maximum number of shares (i.e., 202,914 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 127,386 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 6,243,421 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 202,914 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 618,098 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) 50,000 shares of Voting Common Stock sold on September 5, 2025 at a weighted average price of $24.97 per share (in multiple open market, broker-assisted transactions ranging from $24.28 to $25.47 per share, inclusive); and (ii) 26,896 shares of Voting Common Stock sold on September 8, 2025 at a weighted average price of $25.55 per share (in multiple open market, broker-assisted transactions ranging from $25.50 to $25.80 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:	09/10/2025

Castle Creek Capital VII LLC

Signature:	/s/ Tony Scavuzzo
Name/Title:	Tony Scavuzzo, Managing Principal
Date:	09/10/2025

FAQ

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

Castle Creek sold 76,896 Voting Common shares in open-market transactions on September 5, 2025 and September 8, 2025.

What proceeds did Castle Creek receive from the sales?

The sales generated net proceeds of $1,933,263.23 after commissions and fees.

How many Voting Common shares does Fund VII now directly own?

After the transactions, Fund VII directly owns 415,184 shares of Voting Common Stock.

What is Castle Creek's reported beneficial ownership percentage in CFBK?

Fund VII is deemed to beneficially own 618,098 shares, representing approximately 9.9% of Voting Common Stock.

Why are some Non-Voting shares excluded from the reported ownership?

The filing states 127,386 Non-Voting shares are excluded because Fund VII cannot acquire the right to convert them into Voting Common Stock within the next 60 days due to an Ownership Cap.

At what weighted average prices were the shares sold?

On September 5, 2025, 50,000 shares sold at a weighted average of $24.97; on September 8, 2025, 26,896 shares sold at a weighted average of $25.55.