CF BANKSHARES INC., PARENT OF CFBANK, NA, ANNOUNCES 17% INCREASE IN ITS QUARTERLY CASH DIVIDEND

COLUMBUS, Ohio, Oct. 1, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, NA, today announced that the Board of Directors of the Company declared a $0.07 per share quarterly cash dividend on its common stock and a corresponding $7.00 per share quarterly cash dividend on its Series D preferred stock. This represents a 17% increase over its previous quarterly dividend. The dividend is payable on October 19, 2024 to shareholders of record as of the close of business on October 11, 2024.

Timothy T. O'Dell, President and CEO, commented, "We are pleased to reward our shareholders with a 17% increase in our dividend, which enhances total shareholder returns. We appreciate your confidence and support!"

About CF Bankshares Inc. and CFBank

CF Bankshares Inc. (the Company) is a holding company that owns 100% of the stock of CFBank, National Association (CFBank). CFBank is a nationally chartered boutique Commercial bank operating primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model. Since the 2012 recapitalization, CFBank has achieved a CAGR in excess 20%.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing a comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products. CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.

CFBank was named one of Piper Sandler's "Bank & Thrift Sm-All Stars" for 2023. This recognition places us among the top 10% of small-cap banks and thrifts in the United States.

Additional information about the Company and CFBank is available at www.CF.Bank

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SOURCE CF BANKSHARES INC.