Broadway Financial Corp. Board Changes Announced
Ticker: BYFC · Form: 8-K · Filed: May 21, 2024 · CIK: 1001171
Sentiment: neutral
Topics: board-changes, governance
Related Tickers: BRY
TL;DR
Board shuffle at Broadway Financial: McShane out, Kaplan in. Watch for new strategies.
AI Summary
Broadway Financial Corporation announced on May 15, 2024, a change in its board of directors. Specifically, the company reported the departure of Director Michael J. McShane and the election of Director David A. Kaplan. The filing also noted compensatory arrangements for certain officers.
Why It Matters
Changes in a company's board of directors can signal shifts in strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine board changes and compensatory arrangements, which are common corporate events and do not inherently indicate significant financial risk.
Key Players & Entities
- Broadway Financial Corporation (company) — Registrant
- Michael J. McShane (person) — Departing Director
- David A. Kaplan (person) — Elected Director
- May 15, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the Broadway Financial Corporation board of directors?
Michael J. McShane has departed from the board of directors.
Who has been elected to the Broadway Financial Corporation board of directors?
David A. Kaplan has been elected to the board of directors.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 15, 2024.
What is the principal executive office address for Broadway Financial Corporation?
The principal executive office address is 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010.
What is the telephone number for Broadway Financial Corporation?
The telephone number is (323) 634-1700.
Filing Stats: 896 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-05-21 17:20:47
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
- $340,000 — . Ibrahim will receive a base salary of $340,000, a target annual cash award opportunity
Filing Documents
- ef20029632_8k.htm (8-K) — 32KB
- ef20029632_ex99-1.htm (EX-99.1) — 26KB
- 0001140361-24-027071.txt ( ) — 201KB
- byfc-20240515.xsd (EX-101.SCH) — 4KB
- byfc-20240515_lab.xml (EX-101.LAB) — 21KB
- byfc-20240515_pre.xml (EX-101.PRE) — 16KB
- ef20029632_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On May 15, 2024, Broadway Financial Corporation (the "Company" or "Broadway") (NASDAQ Capital Market: BYFC), the holding company of City First Bank, National Association (the "Bank" and collectively with the Company, "City First Broadway"), appointed Zack Ibrahim, age 48, as Executive Vice President and Chief Financial Officer ("CFO") of the Company and the Bank. Mr. Ibrahim will also serve as the Principal Financial Officer and Principal Accounting Officer for the Company. Prior to joining City First Broadway, Mr. Ibrahim most recently served as Executive Director, Head of Corporate Finance at Texas Capital Bancshares Inc. ("TCB"), a financial services firm, from April 2022 to March 2024 where he led TCB's Expense Program designed to achieve targeted financial objectives by 2025, as well as projects to develop various strategic roadmaps for scaling the finance department in support of the TCB's growth strategy, including implementing the Oracle EPBS financial platform and enhancing TCB's pricing tool system for all lending, capital markets, and deposit pricing decisions. Prior to TCB, Mr. Ibrahim served as Senior Vice President, Senior Director of Finance at TIAA Bank from May 2019 to April 2022, where he was responsible for financial management and regulatory reporting for multiple departments, which included responsibility for month-end and quarter-end close reporting, maintenance of general ledger accounts, reconciliations between financial and management reports, and managing the deposit and lending pricing models for Consumer and Commercial Banking. Mr. Ibrahim's career spans over 20 years and includes experience at other large financial institutions, including Northern Trust Corporation, Regions Financial Corporation, and M&T Bank Corporation. He earned an M.B.A. with a concentration in Finance and
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits 99.1 Press Release dated May 21, 2024. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROADWAY FINANCIAL CORPORATION Date: May 21, 2024 By: /s/ Brian E. Argrett Brian E. Argrett President and Chief Executive Officer