OptimumBank Holdings, Inc. Strengthens Board of Directors with the Appointment of Mr. Heng Fai Ambrose Chan

FORT LAUDERDALE, FL, June 28, 2018 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc., the parent company of OptimumBank () (NASDAQ: OPHC), a bank that provides a range of consumer and commercial banking services to individuals and businesses, is pleased to announce the appointment of Mr. Heng Fai Ambrose Chan (Mr. Chan) as a member to its Board of Directors. Mr. Chan is an accomplished business executive based in Singapore.

In 1987, Mr. Chan acquired American Pacific Bank (“APB”), a full-service U.S. commercial bank and brought it out of bankruptcy. He recapitalised the bank and grew its operations. Under his guidance, APB became a US NASDAQ high asset quality bank, with zero loan losses for over 5 consecutive years before it was ultimately bought and merged into Riverview Bancorp Inc. Prior to its merger with Riverview Bancorp Inc., in June 2004, APB was ranked #13 by the Seattle Times, ”Annual Northwest’s Top 100 Public Companies” for the year 2003, and ranked #6 in the Oregon state for the year 2003, which ranked ahead of names such as Nike, Microsoft, Costco, AT&T Wireless and Amazon.com. He brings with him significant operational experience as well as strong ties in Asia Pacific markets.

In 1997, BankINVESTOR magazine ranked APB as the top 21 best performance banks among all publicly traded banks.

Mr. Chan has founded multiple companies and restructured numerous others globally in different industries. He founded his first business – InterAsia Travel Limited, a long-distance Aircraft Chartering Company, while attending college in London during the late 1960s and grew it to twelve offices with three hundred employees before it was sold in March 1972. Mr. Chan also acquired multiple companies to focus on restructuring to accelerate growth; companies including APB, Skywest Airlines, China Gas Holdings Limited. Mr Chan was the Managing Chairman of Xpress Group Limited (now known as ZH International Holding Limited, listed on the Stock Exchange of Hong Kong) and SingXpress Land Limited (now known as SingHaiyi Group Ltd., listed on the Singapore Exchange).

“Being able to tap on Mr. Chan’s operational excellence and knowledge of Asian markets will be an incredible asset for OptimumBank,” said Moishe Gubin, Director of OptimumBank. “The addition of Mr. Chan to our group will place OptimumBank in a position to grow to a new level.”

Mr. Chan is currently the Chief Executive Officer of Singapore eDevelopment Limited (SGX: 40V), a public company listed on the Singapore Exchange. Mr. Chan also serves on the board of Holista Colltech Limited (ASX: HCT), a public company listed on the Australia Stock Exchange (ASX). 

“I made an investment and joined OptimumBank’s Board of Directors after considerable due diligence and research” said Mr. Chan. “I believe in the Bank and its management and I am excited to assist in the future growth of OptimumBank.”

Refer to the following link for Mr Chan’s personal biography: 

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier's checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through three banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

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