BLACK ENTERPRISE: Black Banks Merge To Create Nation’s First Black-Led Bank With Over $1 Billion...

Two Black banks have merged to become the first Black-led bank in America with over $1 billion in assets, giving them greater scale to finance housing and entrepreneurship in urban areas.

Los Angeles-based Broadway Federal Bank will combine with Washington, D.C.-based City First Bank, establishing the country’s largest Black-controlled bank. The combined entity will have about $850 million in deposits.

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