BLOOMBERG: City First-Broadway Deal Will Create Biggest Black-Led U.S. Bank

City First Bank of D.C. in Washington and Los Angeles-based Broadway Federal Bank agreed to merge, creating the biggest Black-led bank in the U.S.

The yet-to-be-named company will focus on commercial lending that aims to advance economic and social equity in underserved communities, the banks said Wednesday in a statement. The firms have a combined $1 billion in assets under management and about $850 million in deposits.

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