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Central Federal (CFBK) has restructured a planned capital raise and reached a deal with the Treasury Department that would help it exit the Troubled Asset Relief Program.
June 7 -
The $2.1 billion-asset People will pay $12.6 million in cash and stock for the $91 million-asset Midwest in a transaction that is expected to close by mid-2014. Midwest also has $61 million in loans and $79 million in deposits.
January 21
CFBank in Fairlawn, Ohio, has been released from a cease-and-desist order issued by the Office of the Comptroller of the Currency.
The order against the $245 million-asset CFBank was issued in May 2011, the bank said Friday in a news release. It required the bank to maintain a minimum 8% Tier 1 leverage ratio and 12% risk-based capital ratio, according to a
CFBank and its holding company, Central Federal (CFBK), conducted a $22.5 million
"The lifting of the CFBank order reflects the improved capital position of CFBank," Chief Executive Timothy O'Dell said in the release. "We have established a very good working relationship with the OCC and will continue to work closely with them as we ... enhance our performance going forward, and reposition CFBank into a ... business bank focused on serving closely held businesses and the entrepreneurs that own them."
Central Federal also announced Friday plans to expand into the Cleveland area with the opening of a new branch this week. The company currently has four branches in three Ohio counties, according to the Federal Deposit Insurance Corp.
