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Announced

Broadway to merge with City First in a $38m deal.

Financials

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Transaction Value£30m
Consideration TypeOrdinary Shares
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Synopsis

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Two United States banks Broadway Financial and CFBanc agreed to merge. City First common shareholders will receive 13.6k shares of Broadway common stock for each share of City First common stock they own, resulting in Broadway stockholders owning 52.5% and City First shareholders owning 47.5% of the combined institution, in a $38m deal. “Given the compounding factors of a global pandemic, unprecedented unemployment and social unrest resulting from centuries of inequities, the work of CDFIs has never been more urgent and necessary. As part of this historic merger, we are demonstrating that thriving urban neighborhoods are viable markets that require a dedicated focus, long-term commitment and critical access to capital,” Brian E. Argrett, City First Ban President and CEO. On January 4, 2021, Broadway Financial and CFBanc jointly announced that they have received the regulatory approvals required to complete their merger. On March 10, 2021, two independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co recommended stockholders of Broadway vote in favor of the pending merger with CFBanc Corporation. On March 17, 2021 stockholders of Broadway Financial Corporation and CFBanc Corporation approve merger.

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