On August 23, 2022, the Board of Directors of OptimumBank Holdings, Inc. elected Steven Newman as a director to fill the vacancy resulting from the earlier resignation of director Heng Fai Ambrose Chan. Mr. Newman was also appointed as a director of the Company's subsidiary, OptimumBank. The initial term as director for Mr. Newman will expire at the Company's 2023 annual meeting of shareholders.

Mr. Newman is independent under the NASDAQ Marketplace Rules and the Company's criteria for determining director independence. Mr. Newman is the Chief Executive Officer of Newman Group, LLC, a licensed real estate firm based in Ft. Lauderdale.

He has been an active member of the South Florida business community since 1998. Mr. Newman is an experienced real estate investor. Mr. Newman is the Co-founder and Chairman of the Board of Freight Factoring Specialists, LLC, a middle market, full-service factoring company serving the transportation industry.

Mr. Newman received his B.A. in Sociology from Queens College at the City University of New York in 1988. Mr. Newman has been an active community volunteer and board member at multiple charitable organizations and lives in Hollywood, Florida.