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Big Law

Newest Bank Merger Will Create Largest Black-Controlled Bank

A merger announced Wednesday will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion.

Broadway Federal Bank, a Los Angeles commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.

 Brian Argrett, chief executive officer of City First, will be chief executive of the combined company, which will use City First as its banking brand but keep the publicly traded Broadway Financial Corp. as its bank holding company. Wayne-Kent Bradshaw, Broadway’s chief executive, will be the chairman of the combined company.

Read the source article at NWADG

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