CityFirstBroadway

CityFirstBroadway Completes Common Stock Capital Raise

Retrieved on: 
Wednesday, April 7, 2021
Banking, Professional services, Finance, Financial markets, Finance, Financial economics, Equity securities, Corporate finance, Stock market, Preferred stock, Common stock, Stock, Series A round, Share, Share class, the Private Placements, CityFirstBroadway

In addition, our relationships with these leading institutions will help CityFirstBroadway leverage their expertise and resources to enhance the products and services we offer to our customers.

Key Points: 
  • In addition, our relationships with these leading institutions will help CityFirstBroadway leverage their expertise and resources to enhance the products and services we offer to our customers.
  • Under the terms of the private placements, Broadway issued 11,221,921 shares of its Class A voting common stock and 7,252,079 shares of its Class C nonvoting common stock at a price of $1.78 per share.
  • Including the shares of Broadway that were issued in the merger of equals with CFBanc Corporation last week, the total number of outstanding shares of Broadways common stock has increased to 71,725,280 shares, comprised of 43,630,884 shares of Class A voting common stock, 11,404,621 shares of Class B non-voting common stock, and 16,689,775 shares of Class C nonvoting common stock.
  • In addition, Broadway has 3,000 shares of Fixed Rate Cumulative Redeemable Perpetual Preferred Stock, Series A, outstanding with a liquidation preference of $3 million.

Broadway Financial Corporation and CFBanc Corporation Complete Merger of Equals

Retrieved on: 
Thursday, April 1, 2021
Banking, Professional services, Finance, Banks of the United States, Keefe, Bruyette & Woods, Companies, Finance, Broadway Federal Bank, Stifel, Fairness opinion, the Merger, CityFirstBroadway

Broadway Financial Corporation (Broadway") (Nasdaq-CM: BYFC) and CFBanc Corporation (CFB) jointly announced that they closed their merger of equals today.

Key Points: 
  • Broadway Financial Corporation (Broadway") (Nasdaq-CM: BYFC) and CFBanc Corporation (CFB) jointly announced that they closed their merger of equals today.
  • Under the terms of the merger agreement, CFB merged with and into Broadway, with Broadway being the surviving bank holding company.
  • Keefe, Bruyette & Woods, A Stifel Company, acted as financial advisor and rendered a fairness opinion to the board of directors of Broadway in connection with the merger.
  • Broadway Financial Corporation (Nasdaq-CM: BYFC), a bank holding company, and its wholly-owned bank subsidiary, City First Bank, National Association (the Bank), are collectively referred to as CityFirstBroadway.