cf bankshares reports election results at annual meeting

Today, CF Bankshares Inc. (NASDAQ:CFBK), a $154 million market cap financial institution trading at $23.82 per share with a P/E ratio of 10.46, held its Annual Meeting of Stockholders, according to a recent SEC filing. At the meeting, shareholders voted on several key proposals, including the election of directors and advisory resolutions on executive compensation.

Shareholders elected Thomas P. Ash, James H. Frauenberg, and David L. Royer as directors for three-year terms ending in 2028. The election saw 2,473,010 votes in favor of Ash, 2,492,104 for Frauenberg, and 2,417,161 for Royer, with a significant number of broker non-votes recorded.

In addition to the election of directors, shareholders approved a non-binding advisory resolution on the compensation of the company’s named executive officers. The proposal received 2,468,565 votes in favor, while 515,621 voted against, and 27,990 abstained. According to InvestingPro, CF Bankshares has demonstrated commitment to shareholder returns by raising its dividend for 5 consecutive years.

The shareholders also voted on the frequency of future advisory votes on executive compensation, opting for an annual vote. The one-year frequency received 2,919,218 votes, significantly outpacing other options.

Lastly, the shareholders ratified the appointment of Plante & Moran PLCC as CF Bankshares’ independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 4,041,043 votes in favor.

The information is based on a press release statement filed with the SEC.

In other recent news, CF Bankshares Inc. reported several significant developments. Piper Sandler initiated coverage on the company with an Overweight rating and set a price target of $29, citing the bank’s strategic positioning in Midwestern markets and its potential for growth and profitability. The firm projected earnings per share of $2.99 for 2025 and $3.43 for 2026, which influenced their valuation. CF Bankshares also declared a quarterly cash dividend of $0.07 per share for common stock and $7.00 per share for Series D preferred stock, with payments scheduled for April 2025. This decision reflects the company’s ongoing commitment to shareholder value. Additionally, CF Bankshares announced the appointment of Plante & Moran, PLLC as its new independent auditor for the fiscal year ending December 31, 2025. This change follows the dismissal of Forvis Mazars, LLP and is part of the company’s regular corporate governance practices. Furthermore, CF Bankshares conducted its Annual Meeting of Stockholders virtually, providing presentation slides as part of their SEC filing. These developments highlight CF Bankshares’ strategic moves and financial health, offering investors insight into the company’s current trajectory.

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