Business
Broadway Financial Corporation and CFBanc Corporation Complete Merger of Equals
Merger Creates Largest Black-led Minority Depository Institution in the U.S. LOS ANGELES & WASHINGTON--(BUSINESS WIRE)-- Broadway Financial Corporation
About this update from Broadway Financial Corporation
[{"type":"text","content":"\nMerger Creates Largest Black-led Minority Depository Institution in the U.S.\n\n LOS ANGELES & WASHINGTON--(BUSINESS WIRE)--\nBroadway Financial Corporation (“Broadway\") (Nasdaq-CM: BYFC) and CFBanc Corporation (“CFB”) jointly announced that they closed their merger of equals today. As a result of the merger, Broadway, with its wholly owned bank subsidiary, City First Bank, National Association (collectively, “CityFirstBroadway”) is the largest Black-led Minority Depository Institution (“MDI”) in the nation, with more than $1 billion in combined assets under management and over $900 million in total depository institution assets as of December 31, 2020.\n\nCityFirstBroadway is committed to building and supporting financially underserved urban areas, including by originating loans that support investments in multifamily affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income communities that have chronically lacked access to capital. CityFirstBroadway is a Community Development Financial Institution (“CDFI”), MDI, and Delaware public benefit corporation, supported by impact-focused investors and depositors who share CityFirstBroadway’s mission to close the racial wealth gap through the provision of capital.\n\n“CityFirstBroadway represents the transformational merger of two historic CDFIs that have each been devoted to providing financial products and services to underserved low-to-moderate income communities since their inception. The two organizations have shared a common mission, values, and vision for providing capital to those communities. With our combined equity capital base exceeding $100 million, prior to Broadway’s previously announced pending private placements of common stock, we will be able to exert a significantly greater impact on underserved urban communities and advance the process of closing the severe economic gaps in opportunity for our communities, business owners, and families.” Brian E. Argrett, President/CEO and Vice Chairman.\n\n“I am excited for the future of CityFirstBroadway as it builds upon the legacy of the former Broadway and CFB organizations with a larger capital base, more diversified loan portfolio, and significant pool of liquid assets. The combined institution is positioned to have a greater impact on the development of underserved ur...