I came across some great news earlier and had to share. The following information is from the Los Angeles Business Journal.
Broadway Financial Corp., the holding company for Broadway Federal Bank, and CFBanc Corp. (City First Bank) are planning to merge and create the largest Black-owned financial institution in the United States. It will be dual-headquartered in Los Angeles and Washington, D.C., and it will retain Broadway Financial Corp.’s branding. Since both Broadway Financial Corp. and City First Bank are registered community development financial institutions (CDFI), they are required to distribute 60% of their lending capital to low-income communities. Brian Argrett, President and Chief Executive of City First Bank and Vice Chair and CEO of the combined institution, advised the following:
“Given the compounding factors of a global pandemic, unprecedented unemployment and social unrest resulting from centuries of inequities, the work of CDFIs has never been more urgent and necessary.”
“As part of this historic merger, we are demonstrating that thriving urban neighborhoods are viable markets that require a dedicated focus, long-term commitment and critical access to capital.”
The merger is set to take place in the first quarter of 2021.
This is great news, and I will keep you updated on the merger.
To check out the full article, click here. If you have any additional information, feel free to comment below.
Until Next Time…