Broadway Financial Corporation (“Broadway” or the “Company”)
(Nasdaq Capital Market: “BYFC”), parent company of City First Bank,
National Association, today reported that Broadway recently
purchased 1,958,173 shares of the Company’s Class A (voting) Common
Stock from the Federal Deposit Insurance Corporation (the “FDIC”),
which obtained the shares when it was appointed receiver for First
Republic Bank upon its closure earlier this year. The purchased
shares represented just under 4.0% of the Company’s total voting
shares prior to the purchase, and over 2.6% of the Company’s total
common equity. Broadway purchased the shares at a price of $0.9095
per share, which represented the 20-day volume weighted average
price for the Class A shares over the period ended October 24,
2023.
The nonvoting shares of Class C Common Stock that were held by
First Republic Bank were previously purchased by a major
money-center financial institution earlier this year. As a result
of these sales, the FDIC does not own any shares of Broadway. The
Company’s purchase was financed from cash on hand, and the shares
will be retired by the Company.
Chief Executive Officer Brian Argrett commented, “I am pleased
to announce this repurchase, which eliminates uncertainty regarding
the ultimate disposition of the shares that were previously held by
First Republic Bank. The shares represented the fifth largest
voting position in Broadway and the purchase is an important step
in solidifying our long-term base of stockholders, comprised
primarily of private institutions, non-profits, and individuals
that are committed to supporting our mission. We remain focused on
providing best-of-class products and services to the
low-to-moderate income communities that we serve and have the
equity capital necessary to execute our plans and fulfill our
mission.”
“Finally, I wish to thank the staff of the FDIC for their
professionalism and continuing support of Broadway, including in
connection with the repurchase that we are announcing today.”
After considering the Company’s purchase of these shares of
Class A Common Stock, the number of outstanding voting shares of
Class A Common Stock decreased to 47,368,368 shares and the total
number of outstanding shares of Common Stock decreased to
72,153,502 shares, before considering Broadway’s reverse stock
split, expected to be effective November 1, 2023. Pro forma for the
reverse stock split (and the Company’s purchase of shares from the
FDIC), the number of outstanding voting shares of Class A Common
Stock will be 5,921,046 shares and the total number of outstanding
shares of Common Stock will be 9,019,187 shares.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through
its wholly-owned banking subsidiary, City First Bank, National
Association, which is a leading community-oriented bank in Southern
California and in the Washington, D.C. market 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.
Stockholders, analysts, and others seeking information about the
Company are invited to write to: Broadway Financial Corporation,
Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los
Angeles, CA 90010 or contact Investor Relations at the phone number
or email address below.
Cautionary Statement Regarding Forward-Looking
Information
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts contained in this press
release, including statements regarding our future results of
operations or financial condition, business strategy and plans and
objectives of management for future operations and capital
allocation and structure, are forward-looking statements.
Forward-looking statements typically include the words “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” “poised,” “optimistic,”
“prospects,” “ability,” “looking,” “forward,” “invest,” “grow,”
“improve,” “deliver” and similar expressions, but the absence of
such words or expressions does not mean a statement is not
forward-looking. These forward-looking statements are subject to
risks and uncertainties, including those identified below, which
could cause actual future results to differ materially from
historical results or from those anticipated or implied by such
statements. Readers should not place undue reliance on these
forward-looking statements, which speak only as of their dates or,
if no date is provided, then as of the date of this press release.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except to the extent required by law. The following
factors, among others, could cause future results to differ
materially from historical results or from those indicated by
forward-looking statements included in this press release: (1) the
level of demand for mortgage and commercial loans, which is
affected by such external factors as general economic conditions,
market interest rate levels, tax laws, and the demographics of our
lending markets; (2) the direction and magnitude of changes in
interest rates and the relationship between market interest rates
and the yield on our interest-earning assets and the cost of our
interest-bearing liabilities; (3) the rate and amount of loan
losses incurred and projected to be incurred by us, increases in
the amounts of our nonperforming assets, the level of our loss
reserves and management’s judgments regarding the collectability of
loans; (4) changes in the regulation of lending and deposit
operations or other regulatory actions, whether industry-wide or
focused on our operations, including increases in capital
requirements or directives to increase loan loss allowances or make
other changes in our business operations; (5) legislative or
regulatory changes, including those that may be implemented by the
current administration in Washington, D.C. and the Federal Reserve
Board; (6) possible adverse rulings, judgments, settlements and
other outcomes of litigation; (7) actions undertaken by both
current and potential new competitors; (8) the possibility of
adverse trends in property values or economic trends in the
residential and commercial real estate markets in which we compete;
(9) the effect of changes in economic conditions; (10) the effect
of geopolitical uncertainties; (11) the discontinuation of LIBOR as
an interest rate benchmark; (12) the impact of COVID-19 or other
health crises on our future financial condition and operations;
(13) the impact of recent volatility in the banking sector due to
the failure of certain banks due to high levels of exposure to
liquidity risk, interest rate risk, uninsured deposits and
cryptocurrency risk; and (14) other risks and uncertainties. All
such factors are difficult to predict and are beyond our control.
Additional factors that could cause results to differ materially
from those described above can be found in our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K or other filings made with the SEC and are available on our
website at http://www.cityfirstbank.com and on the SEC’s website at
http://www.sec.gov.
Forward-looking statements in this press release speak only as
of the date they are made, and we undertake no obligation, and do
not intend, to update these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except to the extent required by law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231031931915/en/
Investor Relations Brenda J. Battey, Chief Financial Officer,
(323) 556-3264 Investor.relations@cityfirstbroadway.com
Grafico Azioni Broadway Financial (NASDAQ:BYFC)
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Da Dic 2024 a Gen 2025
Grafico Azioni Broadway Financial (NASDAQ:BYFC)
Storico
Da Gen 2024 a Gen 2025
