OptimumBank (OPHC) Closes $8.3M Recapitalization; Enters $2.7M Common Sales Agreement

OptimumBank Holdings, Inc. (Nasdaq: OPHC), the parent company of OptimumBank, announced today that it completed an $8.3 million common stock offering in a private placement to individual accredited investors, including members of its Board of Directors. The Company also entered into a binding agreement to sell an additional $2.7 million in common stock to Moishe Gubin, a director of the Company. The sale of the additional stock to Mr. Gubin is subject to certain required regulatory approvals which are expected by January 31, 2012.

After the completion of the additional stock sale to Mr. Gubin, the Company will have total new capital of approximately $11 million. With $11 million in new capital, OptimumBank's Tier One Leverage and Total Risk-Based Capital Ratios at September 30, 2011 on a pro forma basis would be 9.00% and 13.48%, respectively. These ratios would exceed the corresponding 8% and 12% ratios imposed under OptimumBank's Regulatory Consent Order with the FDIC and the Florida Office of Financial Regulation.

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