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     113  0 Kommentare CityFirstBroadway Completes Common Stock Capital Raise

    Broadway Financial Corporation (“Broadway") (Nasdaq-CM: BYFC) announced today that it closed on the sale of 18,474,000 shares of Broadway’s common stock in the previously announced private placements with institutional and accredited investors, raising $32.88 million in gross proceeds.

    Broadway will use the net proceeds for general corporate purposes, including to originate loans supporting investments in multifamily affordable housing, small businesses, and nonprofit community facilities located in the low-to-moderate income communities in Southern California and the Metropolitan Washington, D.C. area that are served by Broadway’s wholly owned bank subsidiary, City First Bank, National Association (the “Bank” and together with Broadway, “CityFirstBroadway”).

    As disclosed previously, the investors included: Ally Financial Inc.; Banner Bank, a wholly owned subsidiary of Banner Corporation; Banc of America Strategic Investments Corporation, an affiliate of Bank of America Corporation; Cedars-Sinai Medical Center; Citigroup Inc.; First Republic Bank; clients and affiliates of Grace & White, Inc.; JP Morgan Chase; Texas Capital Community Development Corporation, an affiliate of Texas Capital Bancshares, Inc.; and Wells Fargo Central Pacific Holdings, Inc., an affiliate of Wells Fargo & Company.

    “The closing of these private placements creates an exciting opportunity for CityFirstBroadway to partner with leading institutions in the country to significantly expand economic investments within the underserved urban communities served by our Bank. The proceeds from the investments will increase CityFirstBroadway’s total equity by approximately 30 percent, which in turn creates the potential for an increase in investments within low-to-moderate income communities by up to eight times that investment over time. 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. We feel very fortunate to have garnered the support and implicit endorsement of such an illustrious array of leading organizations across the country,” said Brian E. Argrett, President/CEO and Vice Chairman.

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    CityFirstBroadway Completes Common Stock Capital Raise Broadway Financial Corporation (“Broadway") (Nasdaq-CM: BYFC) announced today that it closed on the sale of 18,474,000 shares of Broadway’s common stock in the previously announced private placements with institutional and accredited investors, …