Two Black-Owned Banks Merge Together To Form The Largest Black Bank In The US Worth Over $1 Billion
According to CNN, two Black-controlled banks are putting on for the Black community by joining forces from opposite coasts to create the nation’s largest Black-owned bank. The largest minority-owned institution stems from City First Bank and Broadway Federal Bank, announcing their merger last Wednesday. Working on their deal for a year, combined, the two banks have more than $1 billion in assets.
Both institutions focus on serving Black-owned businesses, minority and underprivileged communities. City First Bank, based in Washington D.C., describes their institution as “impact-driven.” Based in Los Angeles, Broadway Federal Bank is a savings bank that provides loans to consumers that are often ignored by mainstream commercial banks. CEO Brian E. Argett said combining their resources will allow the two banks to accomplish more than they could separately.
“We were going to do this deal because it made sense and because it would deliver additional resources to our communities,” Argrett told CNN Business last Thursday. Argrett said he expects the banks to complete their merger early next year.
Feature Image via Kolumn Magazine