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Broadway Financial Corporation

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Two Black-Owned Banks Merge to Form Largest Black-Led Minority Depository Institution

The role of the Black bank in communities across the country plays a vital part in funding businesses, entrepreneurs, and institutions as well as helping individuals who can’t seek help from other banks. This week, City First Bank in Washington D.C. and Broadway Financial Corporation in Los Angeles have decided to merge together to form the largest Black-led Minority Depository Institution in the nation, according to the Los Angeles Times . The two banks announced that they’ve entered a transformational Merger of Equals agreement to expand access capital in underserved communities in urban neighborhoods. The new merger allows the two banks to put their funds together for a combined total of over $1 billion in assets under management and approximately $850 million in total depository institution assets, according to a press release . The now combined nine-member board is composed of five directors from City First Bank and four from Broadway with Broadway’s president and CEO...

Njera Perkins

Aug 27, 2020