OptimumBank Holdings, Inc. (OPHC-NASDAQ) OptimumBank (the “Bank”) Announces OptimumBank’s Entry into Accounts Receivable Financing to Skilled Nursing Facilities

Rhea-AI Summary

OptimumBank has reported a strong performance with year-to-date earnings of $2.24 million as of September 30, 2021. The Bank is entering the skilled nursing lending space, having approved its first Senior Healthcare Facility loan as part of a strategic plan targeting the senior healthcare industry. Chairman Moishe Gubin emphasizes the growing demand for care due to an increasing senior population. The inclusion of industry veterans Michael Blisko and Michael Johnson in leadership roles aims to enhance the Bank's relationships and business initiatives in this sector.

Positive

• Year-to-date earnings of $2.24 million as of September 30, 2021.
• Entry into the skilled nursing lending space with the approval of the first Senior Healthcare Facility loan.
• Strategic focus on the growing senior healthcare market.
• Addition of experienced board member Michael Blisko and lender Michael Johnson is expected to strengthen business initiatives.

Negative

• None.

Fort Lauderdale, FL, Dec. 06, 2021 (GLOBE NEWSWIRE) -- After completing its best quarter in many years, with the Bank’s year-to-date earnings reaching of $2,244K as of September 30, 2021, OptimumBank is excited to announce its entry into the skilled nursing lending space. Chairman Moishe Gubin is pleased to announce the approval of the Bank’s first Senior Healthcare Facility loan as part of the Bank’s updated strategic plan to address current and future financing needs of the Senior Healthcare Industry.

As an owner of a portfolio of healthcare properties and former Chief Financial Officer and Manager of Infinity Healthcare Management, LLC, Chairman Gubin stated, “As our senior population grows exponentially with longer lifespans, the demand for care is increasing as well as the business opportunities available to long-term care operators. I am especially pleased that OptimumBank is now positioned to help support their current and future financing need.”

Michael Blisko, who was elected to the Board of Directors at the 2021 Annual Meeting of Stockholders, possesses the professional abilities with a proven record of competence and accomplishments in the senior healthcare industry. Mr. Blisko is the CEO of Infinity Healthcare Management of Illinois and Infinity Healthcare Management of Indiana, healthcare consultancies that have agreements with facilities housing over 6,000 licensed skilled nursing beds in the following states: Illinois, Indiana, and Tennessee.

Additionally, Mr. Michael Johnson recently joined OptimumBank as a member of its lending team. Mr. Johnson is a seasoned lender and has extensive commercial lending experience in the Senior Healthcare Industry, specifically with transactions associated with operating entity working capital lines, property entity acquisitions, re-finance and bridge to HUD loans in conjunction with the establishment of an appropriate treasury management setup.

Chairman Gubin stated “The addition of Mr. Blisko to our Board of Directors and Mr. Johnson to our lending team will inevitably contribute to the development of new business relationships for the Bank and towards the ultimate accomplishment of meeting our strategic lending initiatives to the Senior Healthcare industry.”

Avi Zwelling, who has been a Director of the Company and OptimumBank since December 2017, has done legal work for many skilled nursing facilities. Mr. Zwelling is the managing partner of Zwelling Law, PLLC which has offices in Boca Raton, Florida and Chicago, Illinois. Mr. Zwelling has been providing legal services to the Company and the Bank since 2012.

The Bank plans to focus on smaller accounts receivable lines that current lenders in the space shy away from. “The Bank anticipates a lot of deal flow from nursing home owners that have needs that are smaller than their current nursing home lenders’ desire”, said Chairman Moishe Gubin.

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier's checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

Safe Harbor Statement:

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our limited operating history, managing our expected growth, risks associated with integration of acquired websites, possible inadvertent infringement of third-party intellectual property rights, our ability to effectively compete, our acquisition strategy, and a limited public market for our common stock, among other risks. OptimumBank Holdings, Inc.'s future results may also be impacted by other risk factors listed from time-to-time in its SEC filings. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Investor Relations:
OptimumBank Holdings. Inc.
investor@optimumbank.com
+1.954.900.2850

FAQ

What is the significance of OptimumBank's entry into the skilled nursing lending space?

OptimumBank's entry is significant as it aims to address the growing financing needs of the senior healthcare industry, driven by an increasing demand for care.

What were OptimumBank's earnings for the year-to-date as of September 30, 2021?

OptimumBank reported year-to-date earnings of $2.24 million as of September 30, 2021.

Who are the new additions to OptimumBank's leadership team?

Michael Blisko has joined the Board of Directors, and Michael Johnson has joined the lending team, both bringing extensive experience in the senior healthcare industry.

What is Chairman Moishe Gubin's view on the senior healthcare market?

Chairman Moishe Gubin believes the increasing senior population and longer lifespans create significant demand for care and business opportunities in the sector.