COLUMBUS, Ohio, Feb. 4, 2025
/PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"),
the parent of CFBank, announced today that the Board of Directors
of the Company has authorized a new stock repurchase program
pursuant to which the Company may repurchase up to 325,000 shares,
or approximately 5% of the Company's outstanding common stock, on
or before January 31,
2026. 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.
There is no guarantee as to the exact number or value of shares
that will be repurchased by the Company. 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 business model and intrinsic value and
demonstrates our commitment to enhancing shareholder value."
About CF Bankshares Inc. and CFBank
CF Bankshares Inc. (the Company) is a holding company that owns
100% of the stock of CFBank, National Association (CFBank). CFBank
is a nationally chartered boutique Commercial bank operating
primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, Ohio, and Indianapolis, Indiana. The current Leadership
Team and Board recapitalized the Company and CFBank in 2012 during
the financial crisis, repositioning CFBank as a full-service
Commercial Bank model. Since the 2012 recapitalization, CFBank has
achieved a CAGR in excess 20%.
CFBank focuses on serving the financial needs of closely held
businesses and entrepreneurs, by providing a comprehensive
Commercial, Retail, and Mortgage Lending services presence. In all
regional markets, CFBank provides commercial loans, equipment
leases, commercial and residential real estate loans, treasury
management depository services, residential mortgage lending, and
full-service commercial and retail banking services and
products. CFBank is differentiated by our penchant for
individualized service coupled with direct customer access to
decision-makers, and ease of doing business. CFBank matches the
sophistication of much larger banks, without the bureaucracy.
Additional information about the Company and CFBank is available
at www.CF.Bank
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. and 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,
those risks detailed from time to time in our reports filed with
the SEC, including those risk factors 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,
2023.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cf-bankshares-inc-announces-stock-repurchase-program-for-up-to-325-000-shares-or-approximately-5-of-outstanding-common-stock-302366753.html
SOURCE CF BANKSHARES INC.