08/30/2020
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black owned banks
Two Black-Led Banks Just Merged to Form a $1 Billion Lender
Published on August 26, 2020 in All Posts/Feature Interviews by ShoppeBlack
Two Black-Led banks, City First in Washington, DC and Broadway Financial Corporation in Los Angeles, CA announced today that they have entered into a transformational Merger of Equals agreement to create the largest Black-Led bank in the nation with more than $1 billion in combined assets under management and approximately $850 million in total depository institution assets.
Combining the two institutions will increase their collective commercial lending capacity for investments in multifamily affordable housing, small businesses, and nonprofit development in financially underserved urban areas while creating a national platform for impact investors.
Brian E. Argrett, chief executive of City First, will be chief executive of the combined company, which will use City First as its banking brand but keep the publicly traded Broadway Financial Corporation as its bank holding company. Wayne-Kent A. Bradshaw, Broadway’s chief executive, will be the chairman of the combined company.
Two Black owned banks merged to create the largest Black owned bank in the nation with more than $1 billion in combined assets
