City First Bank, Broadway Financial Corporation, African American Bank, Black Bank, African American Banking, Black Banking, KOLUMN Magazine, KOLUMN, KINDR'D Magazine, KINDR'D, Willoughby Avenue, Wriit,

Two Black Owned Banks Just Merged to Form a $1 Billion Lender, the Largest Black Owned Bank in the U.S. | Shoppe Black

Black Economics Posted by: KOLUMN Magazine

Read Time 1 min.

Two Black Owned Banks Just Merged to Form a $1 Billion Lender, the Largest Black Owned Bank in the U.S. | Shoppe Black

By Tony O. Lawson, Shoppe Black

Two Black owned banks, City First in Washington, DC and Broadway Financial Corporation in Los Angeles, CA announced today that they have entered into a transformational Merger of Equals agreement to create the largest Black owned bank in the nation with more than $1 billion in combined assets under management and approximately $850 million in total depository institution assets.

Combining the two institutions will increase their collective commercial lending capacity for investments in multifamily affordable housing, small businesses, and nonprofit development in financially underserved urban areas while creating a national platform for impact investors.

Full article @ Shoppe Black