City First Bank and Broadway Financial Corp. merged to create City First Broadway, which became the largest Black-owned bank in America.
In a significant move within the financial sector, two prominent Black-owned banks, City First Bank and Broadway Financial Corp., finalized their merger. This strategic alliance led to the formation of a new entity named City First Broadway, marking a major milestone as it established the largest Black-owned bank in the United States. This consolidation aimed to enhance financial inclusion and provide greater resources to underserved communities.
Key Details of the Merger
The merger brought together the strengths and assets of both institutions, creating a more robust and expansive banking presence dedicated to community development.
| Bank 1 | Bank 2 | Resulting Entity | Significance |
|---|---|---|---|
| City First Bank | Broadway Financial Corp. | City First Broadway | Largest Black-Owned Bank in America |
This merger not only expanded the operational scale but also aimed to amplify the collective impact on economic empowerment within Black communities across the nation.
