WORTHINGTON, Ohio, Nov. 28, 2016 /PRNewswire/ -- Central
Federal Corporation (NASDAQ: CFBK) (the "Company") announced that the Company and its wholly-owned banking subsidiary, CFBank,
have received the necessary regulatory approvals for CFBank to convert from a federal savings bank charter to a national bank
charter and for the Company to become a financial holding company, effective as of December 1,
2016. At the time the conversion becomes effective, CFBank's name will change to, and be re-branded as, "CFBank, National
Association."
In making this announcement, Timothy O'Dell, President and CEO said, "We believe that our
conversion to a national bank charter will better align with the business plan, model and strategy that we have been executing at
CFBank since 2012, which emphasizes an increased focus on business and commercial lending, including working capital and term
financing for businesses, commercial real estate and equipment lending. In addition, having a commercial bank charter
provides additional growth opportunities along with increased flexibility for diversifying our loan portfolio."
About Central Federal Corporation and CFBank
Central Federal Corporation is the holding company for CFBank, a federally chartered financial institution formed in
Ohio in 1892. CFBank has a presence in three major metro Ohio markets – Columbus, Cleveland, and
Akron markets – as well as its two locations in Columbiana County,
Ohio. CFBank provides Business Banking products and services including commercial loans and leases, commercial and
residential real estate loans and treasury management depository services. Our products and services are particularly
focused on serving the banking and financing needs of closely held businesses, and our business model emphasizes personalized
service, customer access to decision makers, quick execution, and the convenience of online internet banking, mobile banking,
remote deposit and corporate treasury management.
Additional information about the Company and CFBank is available at www.CFBankOnline.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/central-federal-corporation-announces-conversion-of-cfbank-to-a-national-bank-charter-300368936.html
SOURCE Central Federal Corporation