OptimumBank Holdings, Inc. (OPHC-NASDAQ) Strengthens Board of Directors with the Election of Mr. Steven Newman, at the August 23, 2022 Board of Directors meeting.

Fort Lauderdale, FL, Aug. 30, 2022 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc., the parent company of OptimumBank (www.OptimumBank.com), a Florida chartered bank that provides a range of consumer and commercial banking services to individuals and businesses, is pleased to announce the election of Mr. Steven Newman as a member to its Board of Directors. Mr. Newman was elected to fill the vacancy on the Board due to the earlier resignation of director Heng Fai Ambrose Chan. Mr. Newman was also appointed as a director of OptimumBank.

Mr. Newman has been an active member of the South Florida business community since 1998, starting and managing multiple companies. Mr. Newman is a prolific real estate investor and holds a Florida Real Estate Broker License at the Newman Group, LLC where he is the Chief Executive Officer. There, he and his dedicated team have transacted hundreds of millions of dollars of real estate. Mr. Newman is the Co-founder and Chairman of the Board of Freight Factoring Specialists, LLC a middle market, full-service factoring company serving the transportation industry. Mr. Newman received his BA in Sociology from Queens College at the City University of New York in 1988. Mr. Newman has been an active community volunteer and board member at multiple charitable organizations and lives in Hollywood, Florida.

“Being able to tap into Mr. Newman’s business acumen will add additional strength to our well performing directorate and management team” said Moishe Gubin, Chairman of Board of OptimumBank. Mr. Newman, a current customer and new investor, will inevitably contribute to our success with the development of new business relationships for the Bank considering his large network of business associates and personal relationships.”

Chairman Gubin stated “OptimumBank has a strong directorate with diverse talents and an accomplished management team committed to growing the bank and ultimately shareholder value. The results of our collective efforts are being realized this year as OptimumBank is now a leading commercial bank lender among banks that assets between $300M to $1B. The bank operates very efficiently with a directorate of seven members, two executive officers and two senior level officers.”

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier's checks, domestic collections, drive-in tellers, and banking by mail, as well as internet banking services. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

Safe Harbor Statement

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitations) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on certain of these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available at the SEC’s website (www.sec.gov). Forward-looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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