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LOS ANGELES TIMES: Merger of two Black-led banks aims to help break a painful cycle


Los Angeles’ Broadway Federal Bank and Washington, D.C.'s City First Bank are merging to form the largest Black-led bank in the U.S., underscoring the challenges such banks have faced in generating enough capital to effectively serve their communities.


Black-owned and -led banks have long been caught in a difficult cycle: They tend not to have enough money to lend to help their communities build wealth, and the resulting dearth of wealth-building opportunities diminishes the money available to flow into the banks. Efforts to remedy that include the grass-roots #BankBlack movement — as well as the merger announced Wednesday.


Read the article at latimes.com