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Showing posts with the label Broadway Financial Corporation

The largest Black-Led (but not Black-owned) bank in the U.S.

Black-Owned Broadway Financial Corporation and “Black-Led” CFBanc Corporation announced a merger of equals that may lead to the creation of the largest Black-led (but not Black-owned) bank in the U.S. The resulting institution will have more than $1 billion in combined assets and approximately $850 million in total depository institution assets (as of June 30, 2020).

(Also see: BLACK BANKS MERGE TO CREATE NATION’S FIRST BLACK-LED BANK WITH OVER $1 BILLION IN ASSETS. https://www.blackenterprise.com/black-banks-merge-to-create-nations-first-black-led-bank-with-over-1-billion-in-assets/

Black-Owned Banks in LA, DC Announce Merger.
https://mynewsla.com/business/2020/08/27/two-black-banks-merge/

Merger of two Black-led banks aims to help break a painful cycle https://www.latimes.com/business/story/2020-08-27/black-banks-broadway-federal-bank-city-first-merger )

Broadway is one of the best Black banking institutions in the US, based on their longevity and positive impact on Black homeowners…

Minority Banks Receiving TARP Capital - Update

We have updated our listing of minority banks receiving TARP funding:

11/14/2008
UCBH Holdings, Inc. (Asian)
San Francisco CA
Purchase
Preferred Stock w/Warrants
$298,737,000
Par

11/14/2008
Broadway Financial Corporation (Black)
Los Angeles CA
Purchase
Preferred Stock w/Warrants
$9,000,000 Par

12/5/2008
East West Bancorp (Asian)
Pasadena CA
Purchase
Preferred Stock w/Warrants
$306,546,000 Par

12/5/2008
Cathay General Bancorp (Asian)
Los Angeles CA
Purchase
Preferred Stock w/Warrants
$258,000,000
Par

12/5/2008
Popular, Inc. (Hispanic)
San Juan PR
Purchase
Preferred Stock w/Warrants
$935,000,000
Par

Total to minority banks: $ 1,807,283,000
Total to all banks: $165,306,798,000
Percentage: 1%