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NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
John Helmsdoerfer named CFO
Fairlawn, Ohio – Mar. 7, 2013 – Central Federal Corporation (Nasdaq: CFBK), the parent company of CFBank, today announced the appointment of John Helmsdoerfer as Chief Financial Officer of the Central Federal Corporation and CFBank.
Mr. Helmsdoerfer has been engaged in the financial industry for over 30 years since graduating Cum Laude from Miami University in 1980. He is also a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.
Mr. Helmsdoerfer brings to CFBank a successful track record of managing growth, being a key player in mergers and acquisitions, and in achieving productivity improvements.
Tim O’Dell, CEO, added, “We are enthused to have John Helmsdoerfer join CFBank and Central Federal Corporation. John has deep financial services experience and background, which will enable him to be a strong contributor to the growth and expansion of CFBank and Central Federal Corporation. John’s business background and business connections will enable him to be a strong contributor in helping us to ensure the success and profitable growth of CFBank.”
Edward W. Cochran Appointed New Director
Fairlawn, Ohio – December 20, 2012 – Central Federal Corporation (Nasdaq: CFBK), the parent company of CFBank, today announced the appointment of Edward W. Cochran as a director of the Company and CFBank.
Mr. Cochran has been engaged in the practice of law for over 30 years since graduating from Columbia University Law School in 1975. He is also a graduate of Harvard University, where he was a Harvard National Scholar. Mr. Cochran is admitted to practice before the United States Supreme Court, as well as the courts of Ohio, the U.S. District Court for the Northern District of Ohio, and the United States Circuit Courts of Appeal for the Second, Third, Sixth, Seventh and Ninth Circuits. In addition, Ed is involved in various business interests and is a successful investor.
Bob Hoeweler, Chairman of the Board, commented, “We welcome Ed to the Board and look forward to working with him. Ed’s skills and experience augment those of the current Board members. Additionally, Ed was extremely instrumental and supportive during our recent successful capital raise.”
Tim O’Dell, CEO, added, “We are excited to have Ed Cochran join the Board of CFBank and Central Federal Corporation. Ed has deep business experience and is well connected to the local business community. Serving small to mid-sized businesses along with the executives and entrepreneurs who own and run them is the key focus of CF Bank. Ed’s business background and business connections will enable him to be a strong contributor in helping us to ensure the success and growth of CFBank.”
CENTRAL FEDERAL CORPORATION REDEEMS TARP SECURITIES
Fairlawn, Ohio – September 26, 2012 – Central Federal Corporation (Nasdaq: CFBK), the parent company of CFBank, today announced the redemption of its TARP Securities.
Pursuant to an agreement with the U.S. Department of the Treasury, the Company utilized a portion of the proceeds from its recently completed stock offering to redeem the Preferred Stock, including all accrued but unpaid dividends and warrant issued in connection with the Troubled Asset Relief Program (TARP) Capital Purchase Program (together, the “TARP Securities”). The redemption resulted in an increase in common stockholders’ equity of $5.0 million.
Bob Hoeweler, Chairman of the Board, commented, “This completes a very successful recapitalization of CFBank. We would like to thank all stakeholders for their support.” Tim O’Dell, CEO, added, “We are extremely pleased that CFBank is in a strong financial condition following our capital raise and, thus, able to fully retire the TARP obligation. CFBank is moving forward in a position of strength to better service businesses and consumers in the Ohio communities of Fairlawn (Akron), Columbus, Wellsville and Calcutta.”
On August 20, 2012, the Company successfully completed a stock offering, selling 15 million shares of its common stock at $1.50 per share, resulting in gross proceeds of $22.5 million before expenses. The Company invested $13.5 million of the proceeds from the stock offering into its subsidiary, CFBank, to improve its regulatory capital ratios and to support future growth and expansion.
The Company’s pro forma tangible book value as of June 30, 2012, after reflecting completion of the stock offering and redemption of the TARP Securities, was $1.66 per common share. The redemption of the TARP Securities increased tangible book value by approximately $.31 per common share.