Central Federal, Corp. (NASDAQ:CFBK) Announces Conversion Of CFBank To A National Bank Charter, How Will This Affect the Share Price?

Holding company for CFBank, a federally chartered financial institution formed in 1892, Central Federal, Corp. (NASDAQ:CFBK), announces that CFBank will convert to a national bank charter.

WORTHINGTON, Ohio, Nov. 28, 2016 /PRNewswire/ — Central Federal Corporation (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

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Shares of Central Federal, Corp. (NASDAQ:CFBK) are actively moving +2.76% thus far today on the news and have traded in the range of $1.44 – 1.50 during the session.  A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $0.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.01 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading +2.40% away from its 50-day moving average of $1.46.  Based on the most recent available data, the equity is -11.31% off of its 52-week high of $1.68 and +35.45% away from its 52-week low which is $1.10.

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In taking a look at the company’s valuation, the firm’s price to earnings ratio stands at 7.34.  This is a crucial indicator investors watch as higher ratios compared to peers, would suggest higher future earnings growth potential for the stock.  Today, the stock opened at $1.45 and the last bid at the time of writing stood at $1.49.  During the session thus far, the equity dipped down to $1.44 and touched $1.50 as the high point.  Central Federal, Corp. (NASDAQ:CFBK) has a market cap of $23.84M and has seen an average daily volume of 18,986 over the past three months.

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