Leading Independent Proxy Advisory Firms Recommend That Broadway Financial Corporation Stockholders Vote “FOR” the Pending Merger of Equals with CFBanc Corporation

Broadway Financial Corporation (“Broadway”) (NASDAQ Capital Markets: BYFC), today announced that the leading independent proxy advisory firms, Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC, have recommended that Broadway stockholders vote “FOR” the pending merger with CFBanc Corporation.

The merger will create the largest African American-led Minority Depository Institution in the United States, with more than $1 billion in combined assets under management and over $900 million in total depository institution assets (each as of September 30, 2020). Combining the two institutions is projected to increase their collective commercial lending and investment capacity for multifamily affordable housing, small businesses, and nonprofit development in financially underserved urban areas, while creating a national platform for impact investors.

ISS concluded in its March 5, 2021 report:

“The board appears to have run a relatively thorough sales process. The transaction is expected to be accretive, when compared to each company on a standalone basis, and will result in material cost savings by 2022. Moreover, the strategic rationale for the merger appears sound and the initial market reaction was positive.”

The Broadway Board of Directors recommends that stockholders vote “FOR” all of the merger-related proposals in advance of the Special Meeting, which will be held on March 17, at 2:00 p.m. Pacific Time. Due to the pandemic, the Special Meeting will be held exclusively online via a live audio webcast at www.virtualshareholdermeeting.com/BYFC2020SM. There will be no physical location for the special meeting.

Approval of the Broadway merger proposal requires the affirmative vote of holders of a majority of all of the outstanding shares of Broadway voting common stock as of the record date, January 25, 2021. Stockholders are encouraged to vote their shares, no matter how many or how few shares they own.

Whether or not a stockholder intends to attend the virtual special meeting, the Broadway Board of Directors asks that the stockholder vote TODAY by telephone or online at www.proxyvote.com and entering their 16-digit control number located in the proxy materials previously mailed.

Any stockholder with questions about the special meeting or in need of assistance in voting their shares should contact the Company’s proxy solicitor:

Mackenzie Partners
1407 Broadway, 27^th Floor
New York, New York 10018
Email: [e-mail]
Call Collect: [phone]
Toll-Free: [phone]