OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

Fort Lauderdale, FL, May 11, 2022 (GLOBE NEWSWIRE) -- Heng Fai Ambrose Chan has informed the Boards of OptimumBank (the “Bank”) and OptimumBank Holding, Inc. (the “Company”) that he will resign from both Boards effective as of April 30, 2022. In his letter of resignation, Mr. Chan, who resides in Singapore, noted that he was regrettably stepping down due to the time difference and his workload.

Mr. Chan served as a Director of the Bank and Company since June 2018. During his time on the Boards, Mr. Chan helped create a path for the Bank and Company to recover from legacy regulatory issues, leaving the Bank with a strong capital structure, explosive growth and a bright future. Over the past four years, the Bank’s balance sheet has grown tremendously with a significant increase to its loan portfolio as well as deposits. In addition to his service on the Boards, Mr. Chan has been a significant investor in the Company. Mr. Chan noted that he enjoyed tremendously his tenure on the Boards and remains “fully supportive of the Bank and would gladly assist in any way… going forward.” The Boards of Directors thank Mr. Chan for his loyalty and contribution over the past four years and wish him well in his future endeavors. Chairman Moishe Gubin remarked that “Mr. Chan has been an integral part of the Boards for the past four years and we appreciate and have gained from his involvement and insight.”

‍About OptimumBank Holdings, Inc.
OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank, which 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:
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