Broadway Financial has entered into a ‘merger of equals’ agreement with CFBanc (City First) to create the largest black-led minority depository institution (MDI) in the US.
The new MDI will have more than $1bn in combined assets under management (AUM) and nearly $850m in total depository institution assets as of June 2020.
The deal has been unanimously approved by the boards of directors of both the banks.
Under the deal terms, City First will merge into Broadway, and Broadway will be the surviving entity.