Envirotech Vehicles appoints Jason Maddox to board of directors
CF Bankshares Inc. (NASDAQ:CFBK), a Delaware-incorporated bank holding company with a market capitalization of $141 million and current P/E ratio of 10.6, announced a change in its certifying accountant. According to InvestingPro data, the company has maintained profitability over the last twelve months, generating revenue of $45 million. The company’s Audit Committee has approved the engagement of Plante & Moran, PLLC as the new independent registered public accounting firm for the fiscal year ending December 31, 2025. This decision is contingent upon Plante & Moran completing standard client acceptance procedures.
The change was made effective as of March 26, 2025, following the dismissal of the previous auditor, Forvis Mazars, LLP, which had served for the fiscal year ended December 31, 2024. InvestingPro analysis indicates the company maintains a "Fair" overall financial health score, suggesting stable operational performance during this transition period. CF Bankshares reported that during the fiscal years of 2023 and 2024, and the interim period through March 27, 2025, there were no disagreements with Forvis Mazars over accounting principles or practices, financial statement disclosure, auditing scope, or procedures that would have required mention in their reports.
Additionally, there were no "reportable events," as defined by Regulation S-K, during the same time frame. In compliance with SEC regulations, CF Bankshares provided Forvis Mazars with the disclosures regarding the change in accountants. Forvis Mazars has submitted a letter to the SEC, filed as Exhibit 16.1 in the 8-K report, confirming their agreement with the statements made by CF Bankshares.
The company did not consult with Plante & Moran on any accounting principles or transactions prior to their engagement, ensuring an independent perspective on their consolidated financial statements for the upcoming year.
This transition in auditors comes as part of CF Bankshares’ regular corporate governance practices and is documented in a Form 8-K filed with the SEC on March 31, 2025. The information in this article is based on statements from that SEC filing. Notable for investors, the company has demonstrated strong shareholder focus with a 16.7% dividend growth in the last year. Get access to more detailed financial insights and additional ProTips with InvestingPro.
In other recent news, CF Bankshares Inc. has announced a stock repurchase program, authorizing the buyback of up to 325,000 shares, which constitutes about 5% of its outstanding common stock. This initiative is scheduled to run until January 31, 2026, with the company planning to execute the buybacks through open market or privately negotiated transactions. The specifics of the repurchase, such as timing and volume, will be determined by management, considering factors like market conditions and stock price. The program can be modified or discontinued at any time, reflecting the company’s adaptive strategy. Timothy T. O’Dell (NYSE:DELL), President and CEO of CF Bankshares, highlighted the board’s confidence in the business model and their commitment to enhancing shareholder value. The company operates as a boutique commercial bank, serving major metro markets in Ohio and Indiana. The announcement was made through a press release, and the company noted that forward-looking statements are subject to risks and uncertainties.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.