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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.

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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 Bl

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%