UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 11, 2004
OPTIMUMBANK HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Florida |
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0001288855 |
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55-0865043 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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10197 Cleary Boulevard, Plantation, FL 33324
(Address of Principal Executive Office) (Zip Code)
954-452-9501
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, If Changed Since Last Report.)
Item 5. Other events
This Form 8-K is being filed by the Registrant to furnish a press release, issued on May 11, 2004, announcing the reorganization of Registrant as a bank holding company for OptimumBank.com.
Item 7. Financial Statements and Exhibits.
(c)
Exhibits.
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Exhibit No. |
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Exhibit Description |
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99.1 |
Press Release issued May 11, 2004 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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OPTIMUMBANK HOLDINGS, INC. |
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Date: May 11, 2004 |
By: |
/s/ R ICHARD L. B ROWDY |
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Richard L. Browdy President |
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INDEX TO EXHIBITS
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Exhibit No. |
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Exhibit Title |
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99.1 |
Press Release issued May 11, 2004 |
EXHIBIT 99.1
OptimumBank
PRESS
Holdings, Inc.
RELEASE
FOR IMMEDIATE RELEASE
For more information contact:
May 11, 2004
Albert J. Finch, Chairman of the Board
Richard L. Browdy, President
(954) 452-9501
(954) 452-9501
OptimumBank Forms a Bank Holding Company
Plantation, FL. (May 11, 2004). OptimumBank Holdings, Inc. (NASDAQ:OPHC), parent of OptimumBank, announced today its reorganization into a bank holding company. In the reorganization approved by shareholders on April 29, 2004, OptimumBank shareholders received one share of stock of the holding company in exchange for each share of their stock in the bank.
Albert J. Finch, Chairman of the Board stated, “As a bank holding company, OptimumBank Holdings will not be subject to the same regulatory restrictions that are imposed on banks. We will be able to engage in a broader range of business activities than are currently permissible for state-chartered commercial banks.”
The Bank reported record net income of $423,774 or $.16 per share for the quarter ended March 31, 2004, a 148% increase over net income of $171,172 or $.07 per share reported for the prior year period. Since opening in November of 2000, the Bank has grown to $142.4 million in assets as of March 31, 2004 as compared to $83.3 million in assets at March 31, 2003, a $59.1 million increase. The Bank’s net loan portfolio also increased substantially, to a total of $111.4 million at March 31, 2004, a $43.4 million increase over March 31, 2003 balances.
Richard L. Browdy, President, noted, “We believe the holding company structure provides greater flexibility for raising capital, whether for asset growth or for future acquisitions, versus operating the bank on a stand-alone basis. We are currently reviewing our options to increase our capital base in order to maintain our current level of asset and deposit growth.”
OptimumBank, a wholly-owned subsidiary of OptimumBank Holdings Inc., offers retail banking, commercial banking and real estate lending services and products to individuals and businesses in Broward, Dade and Palm Beach Counties. The Bank also offers state-of-the-art internet banking services through its “OptiNet” internet banking website, located at www.optimumbank.com.
This press release may contain certain forward-looking statements, which are based on management's expectations regarding factors that may impact the Company's earnings and performance in future periods. Factors that could cause future results and performance to vary materially from current management expectations include, but are not limited to, general economic conditions, war and terrorism, changes in interest rates, deposit flows, loan demand, real estate values and competition; the issuance or redemption of additional company equity or debt; changes in accounting principles, policies or guidelines, changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological facts affecting the Company's operations, pricing, products and services. Nothing contained herein constitutes an offer to sell or the solicitation of an offer to buy the Company's securities.