CF Bankshares to Acquire Broadway Financial Corp.

TL;DR

BYFC getting bought by CF Bankshares, deal expected Q4 2024, creates $1.6B asset company.

AI Summary

Broadway Financial Corporation (BYFC) announced on June 11, 2024, that it has entered into a definitive agreement to be acquired by CF Bankshares Inc. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including shareholder approval from both companies and regulatory approvals. This acquisition will create a combined entity with approximately $1.6 billion in assets.

Why It Matters

This acquisition will merge two financial institutions, potentially leading to expanded services and market reach for customers of both Broadway Financial and CF Bankshares.

Risk Assessment

Risk Level: medium — The acquisition is subject to shareholder and regulatory approvals, which introduces uncertainty regarding its completion.

Key Numbers

• $1.6B — Combined Assets (Pro forma assets of the combined entity post-acquisition.)

Key Players & Entities

• Broadway Financial Corporation (company) — Acquired company
• CF Bankshares Inc. (company) — Acquiring company
• June 11, 2024 (date) — Date of announcement
• fourth quarter of 2024 (date) — Expected closing period
• $1.6 billion (dollar_amount) — Combined assets of the merged entity

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred

Filing Documents

• ef20030968_8k.htm (8-K) — 27KB
• ef20030968_ex99-1.htm (EX-99.1) — 193KB
• 0001140361-24-029656.txt ( ) — 369KB
• byfc-20240611.xsd (EX-101.SCH) — 4KB
• byfc-20240611_lab.xml (EX-101.LAB) — 21KB
• byfc-20240611_pre.xml (EX-101.PRE) — 16KB
• ef20030968_8k_htm.xml (XML) — 4KB

02

Item 2.02 Results of Operations and Financial Condition. On June 11, 2024, Broadway Financial Corporation (the "Company") issued a press release announcing results for the quarter ended March 31, 2024. 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 11, 2024, announcing results for the quarter ended March 31, 2024. 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 11, 2024 BROADWAY FINANCIAL CORPORATION By: /s/ Zack Ibrahim Name: Zack Ibrahim Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR