Broadway Federal Bank

Broadway Financial Corporation Discloses Receipt of Notice From Nasdaq Regarding Filing Requirement for the Company’s Form 10-K

Retrieved on:

Tuesday, April 23, 2024

Banking, Professional Services, Finance, Broadway Federal Bank, Security (finance), National Association, Form, Form 10-K, Calendar, Cryptocurrency

Previously Nasdaq granted the Company an exception for filing its delinquent Form 10-Q for the period ended September 30, 2023, until May 13, 2024.

Key Points:

Previously Nasdaq granted the Company an exception for filing its delinquent Form 10-Q for the period ended September 30, 2023, until May 13, 2024.
As a result of that exception, Nasdaq informed the Company in this latest notice that Broadway must file its Form 10-K for fiscal 2023 on or before the same date: May 13, 2024.
Broadway is in the process of providing an updated plan to Nasdaq, which will describe progress that has been made in that regard, and intends to file both the Form 10-Q for the third quarter of 2023 and the Form 10-K for calendar 2023 on or before May 13, 2024.
In addition, in the fourth quarter of 2023, the Company began implementing changes to its internal controls to strengthen overall financial controls and provide reasonable assurance that Broadway can report accurate, timely financial information in compliance with rules and regulations of the SEC.

Broadway Financial Corporation Announces Notification From Nasdaq Regarding Delinquent Form 10-Q

Retrieved on:

Wednesday, November 22, 2023

Banking, Professional Services, Finance, Form, Calendar, National Association, Broadway Federal Bank, Letter, Cryptocurrency

Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC (“Nasdaq”), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”).

Key Points:

Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC (“Nasdaq”), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”).
Under Nasdaq’s Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter.
If Broadway’s plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days from the original due date of the Form 10-Q.
Separately, on November 15, 2023, the Company received a letter from Nasdaq confirming that Broadway had regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2) for maintaining its listing on The Nasdaq Capital Market.

Broadway Financial Corporation Announces Repurchase of Shares

Retrieved on:

Tuesday, October 31, 2023

Banking, Professional Services, Finance, National Association, FDIC, Federal Deposit Insurance Corporation, Common stock, Common, First Republic Bank, Hand, Broadway Federal Bank, Professional, Class, Security (finance), Bank

Broadway Financial Corporation (“Broadway” or the “Company”) (Nasdaq Capital Market: “BYFC”), parent company of City First Bank, National Association, today reported that Broadway recently purchased 1,958,173 shares of the Company’s Class A (voting) Common Stock from the Federal Deposit Insurance Corporation (the “FDIC”), which obtained the shares when it was appointed receiver for First Republic Bank upon its closure earlier this year.

Key Points:

Broadway Financial Corporation (“Broadway” or the “Company”) (Nasdaq Capital Market: “BYFC”), parent company of City First Bank, National Association, today reported that Broadway recently purchased 1,958,173 shares of the Company’s Class A (voting) Common Stock from the Federal Deposit Insurance Corporation (the “FDIC”), which obtained the shares when it was appointed receiver for First Republic Bank upon its closure earlier this year.
The purchased shares represented just under 4.0% of the Company’s total voting shares prior to the purchase, and over 2.6% of the Company’s total common equity.
Broadway purchased the shares at a price of $0.9095 per share, which represented the 20-day volume weighted average price for the Class A shares over the period ended October 24, 2023.
Pro forma for the reverse stock split (and the Company’s purchase of shares from the FDIC), the number of outstanding voting shares of Class A Common Stock will be 5,921,046 shares and the total number of outstanding shares of Common Stock will be 9,019,187 shares.

Broadway Financial Corporation Announces Terms of Reverse Stock Split

Retrieved on:

Tuesday, October 31, 2023

Banking, Professional Services, Finance, Security (finance), CUSIP, Securities and Exchange Commission (Nigeria), Reverse, Broadway, Broadway Federal Bank, Stock split, Class, Failure, National Association, Cryptocurrency

Broadway Financial Corporation (“Broadway,” “we,” or the “Company”) (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association, announced today the terms of the Company’s previously disclosed reverse stock split (the “Reverse Split”).

Key Points:

Broadway Financial Corporation (“Broadway,” “we,” or the “Company”) (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association, announced today the terms of the Company’s previously disclosed reverse stock split (the “Reverse Split”).
The Reverse Split will be effective at 12:01 a.m. Eastern Time on November 1, 2023 for all outstanding shares of Broadway’s three classes of common stock: Class A common stock, Class B common stock, and Class C common stock.
The Class B common stock and Class C common stock are not registered for trading and will not be registered after the effective time for the Reverse Split.
Immediately following the Reverse Split there will be approximately 9,019,187 shares of common stock outstanding, comprised of 5,921,046 shares of Class A common stock, 1,425,577 shares of Class B common stock and 1,672,564 shares of Class C common stock.

Top Black-Led Financial Organizations to Provide Up To $100 Million in Mission-Focused Lending to Underserved Small Business Owners

Retrieved on:

Tuesday, October 3, 2023

This effort reinforces the shared vision of City First Bank, Capital Impact Partners, and CDC Small Business Finance to address systemic barriers to accessing capital by providing Small Business Administration (“SBA”) 504 First Mortgage loans.

Key Points:

This effort reinforces the shared vision of City First Bank, Capital Impact Partners, and CDC Small Business Finance to address systemic barriers to accessing capital by providing Small Business Administration (“SBA”) 504 First Mortgage loans.
“Partnerships with other value-aligned institutions are imperative in addressing the racial wealth gap and absolutely fundamental to City First’s mission.
“This partnership with Momentus Capital enables us to provide loans to small business customers with terms that are more affordable than typical commercial mortgage loans.
The financing allowed this Hispanic-owned small business to retain the working capital it needed to ramp up operations; the owners anticipate creating 20 new jobs.

Broadway Financial Corporation, Inc. President and CEO Brian E. Argrett to Add Chair Role

Retrieved on:

Friday, March 31, 2023

Banking, Professional Services, Finance, Lead, Broadway Federal Bank, Chairperson, Life, Public policy, City, Bank, Chair, Management

(the “Bank”), announced that its Board of Directors unanimously elected President and CEO Brian E. Argrett to the role of Board Chair of both Broadway and the Bank, effective April 1, 2023, on the two-year anniversary of the merger of equals of Broadway and CFBanc Corporation and their bank subsidiaries.

Key Points:

(the “Bank”), announced that its Board of Directors unanimously elected President and CEO Brian E. Argrett to the role of Board Chair of both Broadway and the Bank, effective April 1, 2023, on the two-year anniversary of the merger of equals of Broadway and CFBanc Corporation and their bank subsidiaries.
The Board of Directors also unanimously elected current Board Chair Wayne-Kent A. Bradshaw as Vice Chair and reelected Marie C. Johns as Lead Independent Director.
Mr. Argrett served as a director and CEO of City First Bank from 2011 until the merger on April 1, 2021, and has served as Vice Chair and CEO of Broadway since the merger.
“Brian is a rare talent with the strong board and executive leadership ability required to take on the combined role of CEO and Board Chair.

City First Broadway Announces New Executives and Managerial Positions

Retrieved on:

Tuesday, March 21, 2023

Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “City First Broadway”), today announced the following executive appointments:

Key Points:

Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “City First Broadway”), today announced the following executive appointments:
LaShanya Washington, as Executive Vice President and Chief Credit Officer; and
Sonja S. Wells, Executive Vice President, as East Commercial Regional Executive.
Ms. Washington is being promoted to Executive Vice President and Chief Credit Officer.
She has served as Deputy Chief Credit Officer of the Bank since August 2022 and was previously Senior Vice President and Senior Credit Officer.
“I am also pleased to announce the promotion of LaShanya Washington to Executive Vice President and Chief Credit Officer, stepping into and filling a critical position for the Bank.

Broadway Financial Corporation Announces Credit Agreement with ESOP

Retrieved on:

Monday, December 19, 2022

Currently, the ESOP holds approximately 2.2% of the Company’s total outstanding common stock, representing approximately 3.3% of its outstanding Class A voting shares.

Key Points:

Currently, the ESOP holds approximately 2.2% of the Company’s total outstanding common stock, representing approximately 3.3% of its outstanding Class A voting shares.
In contrast, the ESOP held almost 5.9% of Broadway’s total outstanding common stock, representing approximately 8.6% of Broadway’s outstanding voting shares, immediately prior to the Merger.
The first loan was funded by Broadway on Monday, December 19, 2022.
The loans will require equal annual payments by the ESOP to Broadway, which will be funded from the annual ESOP contributions that Broadway will make in support of the ESOP and the employee participants pursuant to the terms of the City First Bank, National Association Employee Stock Ownership Plan.

Broadway Financial Corporation Announces Results for 3rd Quarter 2022

Retrieved on:

Thursday, November 3, 2022

During the third quarter of 2022 net interest income increased by $2.6 million, or 43.7%, to $8.6 million compared to the third quarter of 2021.

Key Points:

During the third quarter of 2022 net interest income increased by $2.6 million, or 43.7%, to $8.6 million compared to the third quarter of 2021.
Interest income on securities increased by $1.6 million, or 352.7%, for the third quarter of 2022, compared to the third quarter of 2021.
Other interest income increased by $483 thousand, or 309.6%, during the third quarter of 2022 compared to the third quarter of 2021.
Interest expense on deposits increased by $28 thousand, or 6.3%, for the third quarter of 2022, compared to the third quarter of 2021.

Nest Summit Campus Announces 2022 Speakers & Agenda

Retrieved on:

Thursday, September 8, 2022

NEW YORK, Sept. 8, 2022 /PRNewswire/ -- The Nest Summit Campus, the Official Event Partner of Climate Week NYC, today announced the speakers and agenda for the 2022 event. Focused on actionable climate solutions, The Nest Summit Campus will take place in the new North Building at the Javits convention center from September 19th to 23rd, with the Main Stage conference program occurring on Wednesday September 21st and Thursday September 22nd.

Key Points:

At Climate Week NYC, Climate leaders across businesses, government entities, NGOs, and academia will convene at The Nest Summit Campus, a dynamic five day gathering with solutions-focused content and community activations focused on driving climate action
NEW YORK, Sept. 8, 2022 /PRNewswire/ -- The Nest Summit Campus, the Official Event Partner of Climate Week NYC, today announced the speakers and agenda for the 2022 event.
The agenda will explore five key thematic programs:
More than 70 leading speakers are expected.
Looking ahead to the event, Britton Jones, Founder & CEO of The Nest Summit Campus, says, "The Nest Summit Campus seeks to build a long-term movement for solutions-driven innovations and collaboration.
The Nest Summit Campus, the official event partner of Climate Week NYC, is a climate action platform mobilizing climate-committed doers and thinkers from leading companies, NGOs, government, academia, and the community at large.