On January 25, 2016, Stilwell Value LLC announced that it has encouraged the management and the board of directors of Central Federal Bancshares, Inc. to pay dividends to shareholders and repurchase shares of outstanding Common Stock with excess capital when permitted by applicable regulations. In addition, Stilwell Value stated that it opposes using excess capital to "bulk up" on securities or to rapidly increase the size of the loan portfolio. Stilwell Value continued that if the Company pursues any action that dilutes tangible book value per share, it will aggressively seek board representation.