COLUMBUS, Ohio, June 25, 2020 /PRNewswire/ -- Central
Federal Corporation (NASDAQ: CFBK) (the "Company"), the parent of
CFBank, today announced that John W.
Helmsdoerfer, Executive Vice President and Chief Executive
Officer of CFBank and Chief Financial Officer and Treasurer of the
Company, will resign from the Company and CFBank for personal
reasons effective July 8, 2020.
In connection with his resignation, the Company, CFBank and Mr.
Helmsdoerfer have entered into a Resignation and Release Agreement
that provides, among other things, for certain severance payments
and benefits in exchange for certain covenants and releases from
Mr. Helmsdoerfer. Mr. Helmsdoerfer has agreed to assist the
Company and CFBank to help transition his job responsibilities,
both prior to and after his resignation.
Timothy T. O'Dell, President and
CEO, commented, "On behalf of the Board of Directors and
management, I would like to thank John for all of his contributions
to the Company and CFBank. John joined us in March of 2013,
shortly following the Company's recapitalization, and has been a
valuable member of our team during the significant growth and
success we have experienced as an organization over the past seven
years. I have personally had the pleasure to work with John
in the banking industry for over 20 years, including the past seven
years at CFBank. We wish John all the best with his future
endeavors."
The Board of Directors of the Company and CFBank intends to
conduct a search of potential internal and external candidates to
replace Mr. Helmsdoerfer. In the interim, the Company's
President and Chief Executive Officer, Timothy O'Dell, will work with CFBank's
Controller, Kevin Beerman, to assume
the duties as principal financial officer and principal accounting
officer of the Company.
The Company noted that there were no disagreements between Mr.
Helmsdoerfer and the Company or CFBank and that his departure is
not related to the operations, policies or practices of the Company
or CFBank or any issues regarding accounting policies or
practices.
About Central Federal Corporation and CFBank
Central Federal Corporation is a financial holding company that
owns 100% of the stock of CFBank, National Association (CFBank),
which was formed in Ohio in 1892
and converted from a federal savings association to a national bank
on December 1, 2016. CFBank has a presence in four major metro
Ohio markets – Columbus, Cleveland, Cincinnati and Akron- as well as its two branch locations in
Columbiana County, Ohio.
Also, in March 2019, CFBank opened a
branch location in Blue Ash, Ohio,
which is its second location in the Cincinnati market. CFBank provides
personalized Business Banking products and services including
commercial loans and leases, commercial and residential real estate
loans and treasury management depository services. As a full
service commercial bank, our business, along with our products and
services, is focused on serving the banking and financial needs of
closely held businesses. Our business model emphasizes
personalized service, customer access to decision makers, quick
execution, and the convenience of online internet banking, mobile
banking, remote deposit and corporate treasury management. In
addition, CFBank provides residential lending and full service
retail banking services and products.
Additional information about the Company and CFBank is available
at www.CFBankOnline.com.
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SOURCE Central Federal Corporation