Business Context and Reporting Period
This Form 8-K Current Report was filed by OptimumBank Holdings, Inc. on January 29, 2014, regarding events occurring on January 25, 2014. The filing addresses a change in the Company's Board of Directors and committee memberships.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial performance data.
Material Changes
- Director Resignation: Seth Gillman resigned as a director of the Company effective January 25, 2014.
- Reason for Departure: The resignation was not the result of any disagreement with the Company regarding its operations, policies, or practices.
- Committee Roles: At the time of resignation, Mr. Gillman served on the Executive, Audit, and Compensation Committees.
- Appointment: The Board of Directors appointed Sam Borek, a current director, to replace Mr. Gillman as a member of the Executive, Audit, and Compensation Committees.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook. No specific risks or contingencies were disclosed in this report other than the standard disclosure regarding the director's departure.
Key Facts for Investor Verification
- Confirm the effective date of Seth Gillman's resignation (January 25, 2014).
- Verify the appointment of Sam Borek to the Executive, Audit, and Compensation Committees.
- Note that the departure was amicable and unrelated to operational disagreements.
- Review the attached press release (Exhibit 99.1) for additional context on the resignation.