OPHC - OptimumBank Holdings Inc. (OPHC-NASDAQ) Announces Lending to the Senior Healthcare industry
Fort Lauderdale, FL, April 11, 2022 (GLOBE NEWSWIRE) -- OptimumBank (the “Bank”) ended the year 2021 with total loans of $251,399,000 as compared with $154,919,000 from the year 2020 and $104,189,000 from the year ended 2019. The composition of the Bank’s loan portfolio during this period of time included Residential real estate, Multi-family real estate , Commercial real estate, Land and construction, Commercial and Consumer.
In addition to starting the year on a positive trend, Chairman Moishe Gubin is also pleased to announce the closing of the Bank’s first healthcare facility loan in January 2022, as was strategically planned in 2021 to address current and future financing needs of the Senior Healthcare Industry. Gubin states “I am especially pleased with the progress that OptimumBank is making in support ing long-term care operators ’ need for financing . Currently we have ten or so Skilled Nursing Facilities actively seeking financing from us which is now collectively amounting to a prospective accounts receivable financing portfolio in the range of thirty to forty million dollars . ”
Michael Johnson, lending officer at OptimumBank, focusses his efforts on new business relationships with healthcare providers and promotes accounts receivable financing options affording nursing homes access to asset-based credit lines. Billings to Medicare and other third-party payors are used to subsidize costs that require immediate attention to continue resident care. Mr. Johnson commented “ nursing homes often experienced long delays between billing the government and receiving payments and long delays can create cash flow gaps that hinder the facilities ability to pay utilities, vendors and salaries . Accounts receivable financing facilitates nursing homes in provid ing both quality and dependable care services to their residents. ”
CEO Tim Terry commented, “ the warm reception our B ank has received from the Skilled Nursing Communit y attendees we spoke with at the e C ap Healthcare Summit 22 in Miami and the National Investors Conference (NIC) Spring Conference in Dallas , has prove n to be very promising for OptimumBank and has led to many new business relationship s and loan funding opportunities. With the assistance of Chairma n Moishe Gubin and Directors Michael Blisko and Avi Zwelling , our strategic ent ry i nto servicing the financing needs of the Senior Healthcare Industry has become a reality .’’
?About OptimumBank Holdings, Inc.
OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier's checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.
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