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THE READL DEAL: Black-led banks combine, focused on multifamily housing Merger allows for more...

Two banks have merged to form the country’s largest Black-led lender.

The combination of Broadway Federal Bank in Los Angeles and City First Bank in Washington will focus on multifamily affordable housing, the New York Times reported.

“We need to scale up our impact,” said City First CEO Brian E. Argrett, who will lead the new lender of the same name. “Having a larger capital base is important so we can direct more resources into underserved communities.”

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