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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001116502-06-000045.txt : 20060105
<SEC-HEADER>0001116502-06-000045.hdr.sgml : 20060105
<ACCEPTANCE-DATETIME>20060105154644
ACCESSION NUMBER:		0001116502-06-000045
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051229
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20060105
DATE AS OF CHANGE:		20060105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OptimumBank Holdings, Inc.
		CENTRAL INDEX KEY:			0001288855
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50755
		FILM NUMBER:		06512589

	BUSINESS ADDRESS:	
		STREET 1:		10197 CLEARY BOULEVARD
		CITY:			PLANTATION
		STATE:			FL
		ZIP:			33324
		BUSINESS PHONE:		954-452-9501

	MAIL ADDRESS:	
		STREET 1:		10197 CLEARY BOULEVARD
		CITY:			PLANTATION
		STATE:			FL
		ZIP:			33324
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>optimum8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>BP - x1-54863 - OptimumBank - 8-K</TITLE>
<META NAME="keywords" CONTENT="Bassett Press, Inc. 954-928-2862">
<META NAME="author" CONTENT="Bassett Press, Inc. 954-928-2862">
<META NAME="date" CONTENT="01/05/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:1.65pt; padding-bottom:3pt; border-bottom:3pt solid #000000" align=right><FONT FACE="Times New Roman" COLOR=#000000>&nbsp;</FONT></P>
<P style="margin:0pt; padding-top:3pt; font-size:14pt; border-top:1pt solid #000000" align=center>&nbsp;</P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="margin:0pt" align=center><B>Washington, D.C. 20549 </B></P>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>Date of Report (Date of earliest event reported): &nbsp;December 29, 2005 </B></P>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>OPTIMUMBANK HOLDINGS, INC. </B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Exact Name of Registrant as Specified in Its Charter) </B></P>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=149.8></TD><TD width=9.35></TD><TD width=149.75></TD><TD width=9.35></TD><TD width=149.75></TD></TR>
<TR><TD valign=top width=199.733><P style="margin:0pt" align=center><B>Florida</B></P>
</TD><TD valign=bottom width=12.467><P style="margin:0pt; font-size:7.5pt">&nbsp;</P>
</TD><TD valign=top width=199.667><P style="margin:0pt" align=center><B>0001288855</B></P>
</TD><TD valign=bottom width=12.467><P style="margin:0pt; font-size:7.5pt">&nbsp;</P>
</TD><TD valign=top width=199.667><P style="margin:0pt" align=center><B>55-0865043</B></P>
</TD></TR>
<TR><TD valign=top width=199.733><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(State or other jurisdiction of</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>incorporation or organization)</B></P>
</TD><TD valign=bottom width=12.467><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD valign=top width=199.667><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Commission File Number)</B></P>
</TD><TD valign=bottom width=12.467><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD valign=top width=199.667><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(I.R.S. Employer</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>Identification No.)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=273.5></TD></TR>
<TR><TD valign=top width=364.667><P style="margin:0pt" align=center><B>2477 E. Commercial Blvd., Ft. Lauderdale, FL 33308</B></P>
</TD></TR>
<TR><TD valign=top width=364.667><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Address of principal executive offices)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>(954) 776-2332 </B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Former name or former address, if changed since last report.) : N/A</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Wingdings"><FONT FACE="Wingdings">&#168;</FONT><FONT FACE="Times New Roman">&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Wingdings">&#168;<FONT FACE="Times New Roman">&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Wingdings">&#168;<FONT FACE="Times New Roman">&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Wingdings">&#168;<FONT FACE="Times New Roman">&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c))</FONT></P>
<P style="margin-top:0pt; margin-bottom:1.65pt; padding-bottom:3pt; border-bottom:1pt solid #000000"><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0pt; padding-top:3pt; border-top:3pt solid #000000">&nbsp;</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:4.15pt; margin-bottom:-12pt; page-break-before:always" align=justify><B>ITEM 1.01.</B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; text-indent:72pt" align=justify><B>Entry into a Material Definitive Agreement.</B></P>
<P style="margin:0pt; text-indent:36pt">On December 29, 2005, the Board of Directors of OptimumBank Holdings, Inc., (the &#147;Company&#148;) approved an immediate acceleration of the vesting for all unvested stock options previously awarded to employees, officers and directors. The accelerated options were issued under the previously approved Company Stock Option Plan. The Board of Directors made the decision to immediately vest these options based primarily on the issuance of SFAS No. 123R, &#147;Share-based payment&#148;. Absent the acceleration of these options, upon adoption of SFAS No. 123R on January 1, 2006, the Company would have been required to recognize approximately $210,000 in pre-tax compensation expense from these options over their remaining vesting terms (through June 2009), including approximately $106,000 in pre-tax compensation expense for 2006. By vesting all previously unvested options in December 2005, the stock-based compensation expense under SFAS No. 123R will only be reflected in 
the Company&#146;s footnote disclosures for 2005. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><B>SIGNATURE</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Date: January 5, 2006&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=257.85></TD><TD width=17></TD><TD width=157.15></TD></TR>
<TR><TD valign=top width=343.8><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=232.2 colspan=2><P style="margin:0pt">OPTIMUMBANK HOLDINGS, INC.</P>
</TD></TR>
<TR><TD valign=top width=343.8>&nbsp;</TD><TD valign=top width=22.667>&nbsp;</TD><TD valign=bottom width=209.533>&nbsp;</TD></TR>
<TR><TD valign=top width=343.8>&nbsp;</TD><TD valign=top width=22.667>&nbsp;</TD><TD valign=bottom width=209.533>&nbsp;</TD></TR>
<TR><TD valign=top width=343.8>&nbsp;</TD><TD valign=top width=22.667><P style="margin:0pt" align=right>By&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=209.533><P style="line-height:normal; margin:0pt">/s/&nbsp;R<SMALL>ICHARD<BIG> L. B<SMALL>ROWDY</SMALL></P>
</TD></TR>
<TR><TD valign=top width=343.8>&nbsp;</TD><TD valign=top width=22.667>&nbsp;</TD><TD valign=bottom width=209.533><P style="margin:0pt">Richard L. Browdy</P>
</TD></TR>
<TR><TD valign=top width=343.8>&nbsp;</TD><TD valign=top width=22.667>&nbsp;</TD><TD valign=bottom width=209.533><P style="margin:0pt">President</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
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