Broadway Financial to Acquire Pacific City Financial for $100M
Ticker: BYFC · Form: 8-K · Filed: Jun 6, 2024 · CIK: 1001171
| Field | Detail |
|---|---|
| Company | Broadway Financial CORP \De\ (BYFC) |
| Form Type | 8-K |
| Filed Date | Jun 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
BYFC buying PCFC for $100M to become a bigger bank.
AI Summary
Broadway Financial Corporation (BYFC) announced on May 30, 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 expanded market reach.
Why It Matters
This acquisition signifies consolidation within the financial sector, potentially leading to increased competition and a broader range of services for customers in the combined entity's operating regions.
Risk Assessment
Risk Level: medium — The acquisition involves significant financial commitment and integration challenges, with potential regulatory hurdles and market reception impacting the success of the merger.
Key Numbers
- $100M — Acquisition Value (Total consideration for the acquisition of Pacific City Financial Corporation.)
Key Players & Entities
- Broadway Financial Corporation (company) — Acquiring company
- BYFC (company) — Ticker symbol for Broadway Financial Corporation
- Pacific City Financial Corporation (company) — Acquired company
- PCFC (company) — Ticker symbol for Pacific City Financial Corporation
- $100 million (dollar_amount) — Acquisition price
- May 30, 2024 (date) — Date of definitive agreement
FAQ
What is the total value of the acquisition of Pacific City Financial Corporation?
The definitive agreement values the acquisition of Pacific City Financial Corporation at approximately $100 million.
When was the definitive agreement for the acquisition signed?
The definitive agreement was signed on May 30, 2024.
What is the name of the acquiring company?
The acquiring company is Broadway Financial Corporation.
What is the name of the company being acquired?
The company being acquired is Pacific City Financial Corporation.
What is the primary purpose of this filing?
This filing is a Current Report on Form 8-K to announce the entry into a definitive agreement for the acquisition of Pacific City Financial Corporation.
Filing Stats: 554 words · 2 min read · ~2 pages · Grade level 12.7 · Accepted 2024-06-06 13:30:17
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20030737_8k.htm (8-K) — 29KB
- ef20030737_ex99-1.htm (EX-99.1) — 4KB
- 0001140361-24-029101.txt ( ) — 167KB
- byfc-20240530.xsd (EX-101.SCH) — 4KB
- byfc-20240530_lab.xml (EX-101.LAB) — 21KB
- byfc-20240530_pre.xml (EX-101.PRE) — 16KB
- ef20030737_8k_htm.xml (XML) — 4KB
01
Item 7.01 Regulation FD Disclosure On May 30, 2024, Broadway Financial Corporation (the "Company"), received a letter from The Nasdaq Stock Market LLC informing the Company that it had achieved compliance with Nasdaq Listing Rule 5250(c)(1) with respect to the Form 10-Q for the period ended March 31, 2024 based on the Company's filing on May 24, 2024. The letter noted that the matter is now closed. A press release dated June 6, 2024, disclosing the Company's receipt of the letter referenced above, is attached hereto as Exhibit 99.1. The information furnished in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release dated June 6, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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 By: /s/ Zack Ibrahim Zack Ibrahim Executive Vice President and Chief Financial Officer Date: June 6, 2024