2 Firms Drive Deal Forming Major Minority-Focused US Lender

Law360 (August 26, 2020, 6:44 PM EDT) -- City First Bank and Broadway Federal Bank said Wednesday that they will combine to create the largest Black-led Minority Depository Institution in the U.S. with more than $1 billion worth of combined assets under management, in a deal built by Covington & Burling and Arnold & Porter.

The merger of equals sees City First parent CFBanc Corp. uniting with Broadway Financial Corp., forming a single entity with more than $1 billion in combined assets under management and about $850 million in total depository institution assets, according to a statement. City First is based in Washington, D.C., while Broadway Financial is headquartered...

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