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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2021
CF BANKSHARES INC.
(Exact name of registrant as specified in its charter)
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Delaware | 0-25045 | 34-1877137 |
(State or other jurisdiction of | (Commission | (IRS Employer |
incorporation) | File Number) | Identification Number) |
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7000 N. High Street, Worthington, Ohio | 43085 | (614) 334-7979 |
(Address of principal executive offices) | (Zip Code) | (Registrant’s Telephone Number) |
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(former name or former address, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value | CFBK | The NASDAQ Capital Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 1, 2021, CFBank, the wholly-owned banking subsidiary of CF Bankshares Inc. (the “Company”), issued a press release (the “Release”) announcing CFBank’s decision to wind down its direct-to-consumer (DTC) mortgage lending business. CFBank further reported in the Release that decreases in CFBank’s DTC mortgage origination and associated revenue during the quarter ended June 30, 2021, coupled with increased early payoff (EPO) fee expense, are expected to result in an after-tax loss for the DTC mortgage lending business of approximately $2.5 million for the second quarter, which will negatively impact the Company’s consolidated financial results for the quarter ended June 30, 2021. The Company plans to issue its earnings release reporting the Company’s consolidated financial results for the second quarter of 2021 on or about August 4, 2021.
A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 8.01. Other Events.
On July 1, 2021, CFBank announced in the Release CFBank’s decision to wind down its DTC mortgage lending business. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
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(a) | Not applicable | |
(b) | Not applicable | |
(c) | Not applicable | |
(d) | Exhibits | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| CF Bankshares Inc. |
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Date: July 1, 2021 |
| By: | /s/ Kevin J. Beerman |
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| Kevin J. Beerman |
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| Executive Vice President and Chief Financial Officer |