COLUMBUS, Ohio, Jan. 24, 2014 /PRNewswire/ -- Central
Federal Corporation (NASDAQ: CFBK) the holding company of
CFBank announced today that the Office of the Comptroller of the
Currency (the "OCC") has terminated the Cease and Desist Order
against CFBank (the "CFBank Order") effective January 23, 2014. The CFBank Order has been in
place since May 25, 2011, which was
prior to the 2012 capital raise and recapitalization of Central
Federal Corporation and CF Bank by the current management team and
standby investor group led by Timothy
O'Dell (CEO), Thad Perry
(President) and Robert Hoeweler
(Chairman).
O'Dell said, "The lifting of the CFBank Order reflects the
improved capital position of CFBank. We have established a very
good working relationship with the OCC and will continue to work
closely with them as we continue to enhance our performance going
forward, and reposition CFBank into a niche full service business
bank, focused on serving closely held businesses and the
entrepreneurs that own them."
Robert Hoeweler, Chair, added
that, "The lifting of the CFBank Order represents a new chapter for
CFBank and Central Federal Corporation, and we anticipate that it
will open up additional business opportunities for CFBank. In
addition it recognizes the results of the diligent work and focus
of our leadership team and Board."
CFBank has also announced that it will be expanding its presence
in Ohio, with the opening of an
office in the Cleveland, Ohio area
next week. With the expansion into the Cleveland market, CFBank will now have a
presence in three (3) major metro markets in Ohio along with its two (2) branches located
in Columbiana County. "We are
extremely gratified by the positive reception by businesses and
business customers to our unique approach to banking," says
Thad Perry, President. CFBank's
business model is centered on value added business banking
delivered through senior relationship managers and providing access
to its senior management.
Tim O'Dell, CEO, points out that,
"This is an exciting time for our Bank. During the past 15 months
our Team has worked diligently to improve credit quality, and
reposition CFBank and our Team has demonstrated the ability to
attract quality business banking relationships throughout our
footprint. With the addition of our Cleveland office, our footprint will now
include the greater Cleveland,
Fairlawn (Akron) and Columbus markets as well as Columbiana County. As we enter 2014, our
loan and business pipelines remain strong."
About Central Federal Corporation and CFBank
Central Federal Corporation (the "Company") is the holding company
for CFBank, a federally chartered savings association formed in
Ohio in 1892. CFBank is a full
service business bank, along with being an active residential
mortgage lender, in addition to providing consumer deposit and loan
products and services. We serve the NE and Central Ohio markets through our offices in
Fairlawn and Worthington, Ohio. In addition, we have full
service banking offices in Calcutta and Wellsville, Ohio, which are located in what is
considered the Utica Shale investment corridor. Additional
information about CFBank's banking services and the Company is
available at www.CFBankOnline.com.
Forward-Looking Information
Statements in this
release that are not statements of historical fact are
forward-looking statements. A forward-looking statement may
include a statement of the assumptions or bases underlying the
forward-looking statement. The Company believes it has chosen
these assumptions or bases in good faith and that they are
reasonable. We caution you, however, that assumptions or bases
almost always vary from actual results, and the differences between
assumptions or bases and actual results can be material. The
forward-looking statements included in this release speak only as
of the date they are made. We undertake no obligation to
publicly release revisions to any forward-looking statements to
reflect events or circumstances after the date of such statements,
except to the extent required by law.
SOURCE Central Federal Corporation