FORT LAUDERDALE, Fla., Aug. 25, 2015 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NASDAQ:OPHC), the parent company of OptimumBank ("Bank"), announced today that Martin Z. Schmidt has joined the Board of Directors of OptimumBank Holdings ("Company"). Mr. Schmidt, having joined the Board of Directors of the Bank, as previously announced on August 5, 2015, has now been appointed to serve on the Audit Committees of both boards.
Company Director and Bank Chairman Gubin noted, "The appointment of Mr. Schmidt is an important first step towards our commitment to strengthen the directorates of both the Company and the Bank and was of vital importance in meeting the Audit Committee Requirement of Nasdaq. With solid management and a strong board, we will overcome the adversity we have had in the recent past."
As previously disclosed, on December 12, 2014, the death of Director Sam Borek reduced the number of members of the Company's Audit Committee to two and the Company was no longer in compliance with the Audit Committee Requirement under Nasdaq Stock Market Rule 4350(d)(2)(A). The Company appealed this determination pending the approval of Director Candidate Schmidt by the Board of Governors of the Federal Reserve System. Mr. Schmidt's approval was received on August 13, 2015.
Mr. Schmidt is a resident of Boynton Beach, Florida and provides investment management, insurance and financial services to his clients. He is also an exhibited photographer, woodworker and musician. Mr. Schmidt served as the Chairman for his community Holocaust Memorial for twenty-five years. Mr. Schmidt served with the United States Army Reserves 423d Military Police Company Uniondale, NY from 1968-1973.
The Bank offers a wide array of lending and retail banking products to individuals and businesses in Broward, Miami-Dade and Palm Beach counties through its executive office and three branch offices in Broward County, Florida.
This press release includes forward-looking statements and OptimumBank Holdings, Inc. intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe OptimumBank Holdings, Inc.'s expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. OptimumBank Holdings, Inc. undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.
CONTACT: For more information contact OptimumBank: Moishe Gubin, Chairman of the Board or Thomas A. Procelli, Chief Operating Officer at (954) 900-2800
Source:OptimumBank Holdings, Inc.