COLUMBUS, Ohio, July 5, 2023
/PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"),
the parent of CFBank, announced today that the Board of Directors
of CF Bankshares Inc. has authorized a new stock repurchase program
pursuant to which the Company may repurchase up to 250,000 shares
of the Company's outstanding common stock on or before June 30, 2024. 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 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. (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 of 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 and equipment
leases, commercial and residential real estate loans and 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.
CFBank was recognized in CB Resource Inc.'s Durable Performance
Index which highlighted banks who have maintained above average
performance based on 11 key performance indicators over the
three-year period ended September 30,
2022. In addition, CFBank ranked #7 on American Banker's
2023 listing of Top 200 Publicly Traded Community Banks based on
3-year average return on equity through December 31, 2022.
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. 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, 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, 2022, and in
"Item 1A. Risk Factors" of Part II of our Quarterly Report on Form
10-Q filed with the SEC for the quarter ended March 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.
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SOURCE CF BANKSHARES INC.