FORT LAUDERDALE, Fla., Jan. 31, 2011 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC) (the "Company") today announced that it has commenced a private placement of 7,500,000 shares of the Company's common stock at a price of $2.00 per share. The completion of the offering is contingent upon the sale of a minimum of 5,000,000 shares, as well as shareholder approval of the terms of the offering and an amendment to the Company's articles of incorporation to increase the number of authorized shares from 1,500,000 shares to 20,000,000. If the offering is consummated, the gross proceeds of offering, before payment of placement fees and offering expenses, will be a minimum of $10,000,000 and a maximum of $15,000,000. The net proceeds of the offering will be used to fund the new business strategy for the Company's subsidiary, OptimumBank, and to increase the regulatory capital of OptimumBank. The new business plan is intended to convert Optimum Bank from a wholesale banking model into a full-service community bank providing a high level of personal service and a variety of products to retail customers. Sam Borek, Chairman of the Board, stated, "We believe that the offering will allow us to significantly increase our capital and implement our new business plan. The new capital will allow us to continue to service our current customer base and will provide us with the resources to establish new relationships and expand our offerings within the communities we serve." The Company expects to complete the offering on or before May 31, 2011. The shares to be offered by the Company will not be registered under the United States Securities Act of 1933, as amended, or applicable state securities law, and may not be offered or sold in the United States absent registration under the Securities Act and applicable securities laws or available exemptions from the registration requirements.