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Central Federal Corporation Announces The Resignation Of CFO John Helmsdoerfer
COLUMBUS, Ohio, June 25, 2020 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced that John W.
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, June 25, 2020 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced that John W. Helmsdoerfer, Executive Vice President and Chief Executive Officer of CFBank and Chief Financial Officer and Treasurer of the Company, will resign from the Company and CFBank for personal reasons effective July 8, 2020. In connection with his resignation, the Company, CFBank and Mr. Helmsdoerfer have entered into a Resignation and Release Agreement that provides, among other things, for certain severance payments and benefits in exchange for certain covenants and releases from Mr. Helmsdoerfer. Mr. Helmsdoerfer has agreed to assist the Company and CFBank to help transition his job responsibilities, both prior to and after his resignation. \nTimothy T. O'Dell, President and CEO, commented, \"On behalf of the Board of Directors and management, I would like to thank John for all of his contributions to the Company and CFBank. John joined us in March of 2013, shortly following the Company's recapitalization, and has been a valuable member of our team during the significant growth and success we have experienced as an organization over the past seven years. I have personally had the pleasure to work with John in the banking industry for over 20 years, including the past seven years at CFBank. We wish John all the best with his future endeavors.\"\nThe Board of Directors of the Company and CFBank intends to conduct a search of potential internal and external candidates to replace Mr. Helmsdoerfer. In the interim, the Company's President and Chief Executive Officer, Timothy O'Dell, will work with CFBank's Controller, Kevin Beerman, to assume the duties as principal financial officer and principal accounting officer of the Company.\nThe Company noted that there were no disagreements between Mr. Helmsdoerfer and the Company or CFBank and that his departure is not related to the operations, policies or practices of the Company or CFBank or any issues regarding accounting policies or practices.\nAbout Central Federal Corporation and CFBank\nCentral Federal Corporation is a financial holding company that owns 100% of the stock of CFBank, National Association (CFBank), which was formed in Ohio in 1892 and converted from a federal savings association to a national bank on December 1, 20...