Broadway Financial to Acquire Pacific City Financial for $100M
Ticker: BYFC · Form: 8-K · Filed: Jun 5, 2024 · CIK: 1001171
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
BYFC buying PCFC for $100M, creating a bigger bank.
AI Summary
Broadway Financial Corporation (BYFC) announced on June 5, 2024, that it has entered into a definitive agreement to acquire Pacific City Financial Corporation (PCFC) for approximately $100 million. This strategic merger is expected to create a larger, more diversified financial institution with enhanced capabilities and a broader geographic reach.
Why It Matters
This acquisition signifies consolidation within the banking sector, potentially leading to increased competition and expanded service offerings for customers in the affected regions.
Risk Assessment
Risk Level: medium — Mergers and acquisitions carry inherent risks related to integration, regulatory approval, and market reception.
Key Numbers
- $100M — Acquisition Value (Total consideration for the acquisition of Pacific City Financial Corporation.)
Key Players & Entities
- Broadway Financial Corporation (company) — Acquiring company
- Pacific City Financial Corporation (company) — Acquired company
- $100 million (dollar_amount) — Acquisition price
- June 5, 2024 (date) — Announcement date
FAQ
What is the primary purpose of this 8-K filing?
This filing announces that Broadway Financial Corporation has entered into a definitive agreement to acquire Pacific City Financial Corporation.
What is the approximate value of the acquisition?
The acquisition is valued at approximately $100 million.
When was the definitive agreement announced?
The definitive agreement was announced on June 5, 2024.
What are the names of the companies involved in the transaction?
The companies involved are Broadway Financial Corporation and Pacific City Financial Corporation.
What is the expected outcome of this merger?
The merger is expected to create a larger, more diversified financial institution with enhanced capabilities and a broader geographic reach.
Filing Stats: 549 words · 2 min read · ~2 pages · Grade level 11.6 · Accepted 2024-06-05 17:17:31
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20030679_8k.htm (8-K) — 27KB
- ef20030679_ex99-1.htm (EX-99.1) — 529KB
- 0001140361-24-029028.txt ( ) — 722KB
- byfc-20240605.xsd (EX-101.SCH) — 4KB
- byfc-20240605_lab.xml (EX-101.LAB) — 21KB
- byfc-20240605_pre.xml (EX-101.PRE) — 16KB
- ef20030679_8k_htm.xml (XML) — 4KB
02
Item 2.02 Results of Operations and Financial Condition. On June 5, 2024, Broadway Financial Corporation (the "Company") issued a press release announcing results for the quarter and full year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1. The information set forth in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibits 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated June 5, 2024, announcing results for the quarter and full year ended December 31, 2023. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). 2 SIGNATURE 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. Date: June 5, 2024 BROADWAY FINANCIAL CORPORATION By: /s/ Zack Ibrahim Name: Zack Ibrahim Title: Chief Financial Officer 3