Broadway Financial Corporation(NASDAQ: BYFC) shares saw a significant rise in the extended-hours session last night after the Broadway Financial Corporation and CFBanc Corporation announced that they had received the regulatory approvals required for their proposed merger of equals from the Office of Comptroller of the Currency on December 24, 2020, and from the Federal Reserve Bank of San Francisco on December 28, 2020. As a result of the merger, City First will merge with and into Broadway, with Broadway as the surviving corporation, and, subsequently, Broadway Federal Bank will merge with and into City First Bank of D.C. Inc., N.A. City First’s bank subsidiary.
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The company shares surged 37.5% to $2.64 in the after-hours session.
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City First Enterprises, Inc., City First’s largest stockholder, received approval from the Federal Reserve Bank of San Francisco to acquire approximately 18.85% of Broadway and indirectly acquire control of BFB.
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By September 30, 2020, the merged institution will result in the nation’s largest African American-led minority depository institution. Adding these two institutions together will create a national platform for impact investors while increasing their collective commercial lending capacity to support affordable multifamily housing, small business, and nonprofit development in economically-disadvantaged urban areas.