Broadway Financial Corporation Announces Sale of Shares by U.S. Treasury to Two Southern California Based Banks
June 30 2017 - 1:45PM
Business Wire
Broadway Financial Corporation (the “Company”) (NASDAQ Capital
Market: BYFC), parent company of Broadway Federal Bank, f.s.b.
(“Broadway”), has been informed that the United States Department
of the Treasury (the “U.S. Treasury”) sold a total of 1,832,092
shares of the Company’s voting common stock yesterday; 916,046
voting shares were sold to Pacific Western Bank, and an equal
number of voting shares were sold to Community Bank. These shares
were sold at a price of $1.90 per share.
The sales reduced the U.S. Treasury’s ownership from 19.83% of
the Company’s total shares (voting plus non-voting) to 13.15% of
the total shares, and from 29.12% of the Company’s voting shares to
19.32% of the voting shares.
MJC Partners, LLC assisted the U.S. Treasury with the
transaction.
Chief Executive Officer Wayne Bradshaw commented, “We are
pleased that two leading financial institutions based in Southern
California, Pacific Western Bank and Community Bank, have made
investments in our stock. Their investments enhance our efforts to
diversify our stockholder base, and allow us to continue our focus
on providing financial services to low-to-moderate income
communities within Southern California.”
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through
its wholly owned subsidiary, Broadway Federal Bank, f.s.b., which
is a leading community-oriented savings bank in Southern California
serving low-to-moderate income communities. We offer a variety of
residential and commercial real estate loan products for consumers,
businesses, and non-profit organizations, other loan products, and
a variety of deposit products, including checking, savings and
money market accounts, certificates of deposits and retirement
accounts. The Bank operates three full service branches, two in the
city of Los Angeles, and one located in the nearby city of
Inglewood, California.
About Pacific Western Bank
Pacific Western Bank (“Pacific Western”), a wholly owned
subsidiary of PacWest Bancorp (NASDAQ: PACW), is a California bank
with $21 billion in assets. Pacific Western operates out of 74
full-service branches located throughout the state of California
and one branch in Durham, North Carolina. Pacific Western provides
commercial banking services, including real estate, construction,
and commercial loans, and comprehensive deposit and treasury
management services to small and medium-sized businesses, and
offers additional products and services through its CapitalSource
and Square 1 Bank divisions. The CapitalSource Division provides
cash flow, asset-based, equipment and real estate loans and leases
and treasury management services to established middle market
businesses on a national basis. The Square 1 Bank Division offers a
comprehensive suite of financial services focused on
entrepreneurial businesses and their venture capital and private
equity investors, with offices located in key innovative hubs
across the United States. For more information about PacWest
Bancorp, visit www.pacwestbancorp.com, or to learn more about
Pacific Western Bank, visit www.pacificwesternbank.com.
About Community Bank
Community Bank is a regional, family-owned bank with $3.6
billion in assets headquartered in Pasadena, CA. With a focus on
small to medium-sized businesses, Community Bank partners with our
customers to provide customized banking solutions. The full range
of products offered include loans, deposits, treasury management
and international services. The Bank is committed to serving the
communities in which we do business and is the 10th largest SBA
7(A) lender in the Los Angeles District. Additional offices are
located in Anaheim, Burbank, Century
City, Commerce, Corona, Glendale, Huntington
Beach, Irvine, Laguna Niguel, Ontario, Pasadena,
Redlands, Santa Clarita, Santa Fe Springs, South Bay,
and Woodland Hills. Visit www.cbank.com to learn more about
Community Bank.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based upon our
management’s current expectations, and involve risks and
uncertainties. Actual results or performance may differ materially
from those suggested, expressed, or implied by the forward-looking
statements due to a wide range of factors including, but not
limited to, the general business environment, the real estate
market, competitive conditions in the business and geographic areas
in which the Company conducts its business, regulatory actions or
changes, and other risks detailed in the Company’s reports filed
with the Securities and Exchange Commission, including the
Company’s Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q. The Company undertakes no obligation to revise any
forward-looking statement to reflect any future events or
circumstances, except to the extent required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170630005578/en/
Broadway Financial CorporationWayne-Kent A. BradshawChief
Executive Officer(323) 556-3248orBrenda J. BatteyChief Financial
Officer(323) 556-3264investor.relations@broadwayfederalbank.com
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