Business Context and Reporting Period
This Form 8-K Current Report was filed by Optimumbank Holdings, Inc. on September 16, 2011, regarding events occurring on September 11, 2011. The filing addresses corporate governance changes specifically related to the Board of Directors.
Key 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 personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the election of two new directors to the Board of Directors on September 11, 2011:
- Moishe Gubin: A licensed CPA and principal in health care and pharmacy companies. He serves as CEO of United Rx, LLC and CFO of New York Boys Management, LLC. He has been a director of the subsidiary bank, OptimumBank, since March 2011.
- Seth Gillman: A licensed attorney and nursing home administrator. He is the founder and managing member of Passages Hospice, LLC and previously served as general counsel for ASTA Healthcare Company, Inc.
Both directors are expected to be named to the compensation and audit committees. Their terms expire at the 2011 annual meeting of shareholders.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. No risks or contingencies were disclosed in this specific report. The document confirms that no new director or their immediate family is a party to any transaction requiring reporting under Item 404(a) of Regulation S-K.
Investor Verification Points
- Confirm the specific committee assignments for Messrs. Gubin and Gillman once formally announced.
- Review the Company's proxy statement for the 2011 annual meeting to verify the directors' terms and compensation details.
- Verify the absence of related-party transactions involving the new directors as stated in the report.