COLUMBUS, Ohio, Jan. 28, 2021 /PRNewswire/ -- CF Bankshares
Inc. (NASDAQ: CFBK) (the "Company") the parent of CFBank, announced
that the Board of Directors of CF Bankshares Inc. (the "Company)
authorized a new stock repurchase program pursuant to which the
Company may repurchase up to 250,000 of the Company's outstanding
common stock on or before February
27, 2022. Under the stock repurchase program, the
Company may purchase shares of its common stock from time to time
through various means, including open market transactions and
privately negotiated transactions. Open market
repurchases will be made in accordance with applicable securities
laws and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and may be effected pursuant to
Rule 10b5-1 under the Exchange Act. The manner, timing
and amount of any stock repurchases will be determined by the
Company's management in its discretion based on its evaluation of
various factors, including the trading price of the Company's
common stock, market and economic conditions, regulatory
requirements and other corporate considerations. The
repurchase program may be suspended or discontinued at any
time.
Timothy T. O'Dell, President and
CEO, commented "We believe our stock is a good value, and the
Board's approval of this stock repurchase program reflects
confidence in our Company's intrinsic value. Repurchasing stock
underscores our commitment to enhancing shareholder value and
demonstrates confidence in our business model."
About CF Bankshares Inc. and CFBank
CF Bankshares Inc. is a financial holding company that owns 100%
of the stock of CFBank, National Association (CFBank). CFBank is a
boutique Commercial bank headquartered in Columbus, Ohio. CFBank has focused on
bettering the Ohio economy and
serving the financial needs of closely held businesses since 1892.
Over a century has passed, and yet, our focus remains the same:
guide fellow Ohioans to financial stability and success with
agility, ease, and care. CFBank grew from a Federal Savings
Association to a National Bank in December of 2016. As CFBank has
expanded, we have maintained our penchant for individualized
service and direct customer access to decision makers. CFBank now
has locations in four major metro Ohio markets - Columbus, Cleveland, Cincinnati, and Akron, as well as branch locations in
Columbiana Country (two locations). In every location, CFBank
provides commercial loans and leases, commercial and residential
real estate loans and treasury management depository services,
corporate treasury management, residential lending, and
full-service retail banking services and products. In addition,
CFBank also has a national residential lending platform.
CFBank is also glad to offer its clients the convenience of online
internet banking, mobile banking, and remote deposit.
Additional information about the Company and CFBank is available
at www.CFBankOnline.com
FORWARD LOOKING STATEMENTS
This press release and other materials we have filed or may file
with the Securities and Exchange Commission ("SEC") contain or may
contain forward-looking statements within the meaning of the safe
harbor provisions of the U.S. Private Securities Reform Act of
1995, which are made in good faith by us. Forward-looking
statements include, but are not limited to: (1) projections of
revenues, income or loss, earnings or loss per common share,
capital structure and other financial items; (2) plans and
objectives of the management or Boards of Directors of CF
Bankshares Inc. or CFBank; (3) statements regarding future events,
actions or economic performance; and (4) statements of assumptions
underlying such statements. Words such as "estimate,"
"strategy," "may," "believe," "anticipate," "expect," "predict,"
"will," "intend," "plan," "targeted," and the negative of these
terms, or similar expressions, are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. Various risks and uncertainties
may cause actual results to differ materially from those indicated
by our forward-looking statements, including, without limitation,
impacts from the ongoing COVID-19 pandemic on local, national and
global economic conditions in general and on our industry and
business in particular, including adverse impacts on our customer's
operations, financial condition and ability to repay loans, changes
in interest rates or disruptions in the mortgage market, and the
effects of various governmental responses to the pandemic,
including stimulus packages and programs; potential
litigation or other risks related to participating in the U.S.
Small Business Administration Paycheck Protection Program;
uncertainty regarding the impact of changes in the U.S.
presidential administration and Congress on the regulatory
landscape, capital markets and responses to the COVID-19 pandemic;
and those additional risks detailed from time to time in our
reports filed with the SEC, including those identified in "Item
1A. Risk Factors" of Part I of our Annual Report on Form 10-K
filed with SEC for the year ended December
31, 2019, and in "Item 1A. Risk Factors" of Part II of our
Quarterly Reports on Form 10-Q filed with the SEC for the quarters
ended March 31, 2020, June 30, 2020, and September 30, 2020.
Forward-looking statements are not guarantees of performance or
results. A forward-looking statement may include a statement
of the assumptions or bases underlying the forward-looking
statement. We believe that we have 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 press release speak only as of the date
hereof. 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.
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SOURCE CF Bankshares Inc.