WORTHINGTON/COLUMBUS, Ohio, Oct. 28, 2019 /PRNewswire/ — Central Federal Corporation (NASDAQ: CFBK) (the “Company”), the parent of CFBank, National Association (“CFBank”), announced today that it has entered into an agreement to issue up to $25 million in common and convertible preferred stock in a private placement to institutional and other accredited investors.
An affiliate of Castle Creek Capital LLC (“Castle Creek”), a California-based private equity firm and leading investor in the financial institutions sector, is the lead institutional investor in the private placement. Following the closing of the private placement, Castle Creek is expected to own approximately 9.9% of the Company’s voting common stock and a significant portion of the new class of non-voting preferred stock.
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