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CEO declares more than 5% stake in Worthington, Ohio-based Central Federal

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CEO declares more than 5% stake in Worthington, Ohio-based Central Federal

Central Federal Corp. President and CEO Timothy O'Dell declared aggregate beneficial ownership of 882,333 common shares. This represents a 5.36% stake in the Worthington, Ohio-based company, mainly based on its 16,002,910 outstanding common shares as of Sept. 30.

The chief executive on Dec. 7 bought 8,000 shares of 6.25% noncumulative convertible perpetual preferred stock of Central Federal at $25 per share, with each share convertible into common shares at the option of the holder after a certain time frame based on a common stock conversion price of $1.75. Also on Dec. 7, he purchased warrants to buy an aggregate of 16,000 common shares for a total of $17,000. These warrants are fully or partly exercisable for a five-year period expiring July 15, 2019, at $1.85 per common share.

All told, this private investment was made through personal funds totaling $1.2 million, including $217,000 for these purchases of the preferred shares and warrants.