Broadway Financial to Acquire Pacific City Financial for $115M

Ticker: BYFC · Form: 8-K · Filed: Jul 19, 2024 · CIK: 1001171

Sentiment: mixed

Topics: acquisition, merger, financials

Related Tickers: BYFC, PCFC

TL;DR

BYFC buying PCFC for $115M. Big bank merger incoming.

AI Summary

Broadway Financial Corporation (BYFC) announced on July 17, 2024, that it has entered into a definitive agreement to acquire Pacific City Financial Corporation (PCFC) for approximately $115 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 a significant consolidation within the financial sector, potentially leading to increased competition and altered market dynamics for regional banks.

Risk Assessment

Risk Level: medium — Mergers and acquisitions carry inherent risks related to integration, regulatory approval, and market reception, which could impact the success of the combined entity.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing is to report the entry into a definitive agreement for the acquisition of Pacific City Financial Corporation by Broadway Financial Corporation.

What is the reported value of the acquisition?

The definitive agreement states the acquisition is for approximately $115 million.

When was the definitive agreement for the acquisition signed?

The report indicates the date of the earliest event reported is July 17, 2024, which is when the definitive agreement was entered into.

Which companies are involved in this transaction?

Broadway Financial Corporation is acquiring Pacific City Financial Corporation.

What is the ticker symbol for Broadway Financial Corporation?

The ticker symbol for Broadway Financial Corporation is BYFC.

Filing Stats: 542 words · 2 min read · ~2 pages · Grade level 11.7 · Accepted 2024-07-19 13:01:06

Key Financial Figures

Filing Documents

01

Item 7.01 Regulation FD Disclosure On July 17, 2024 in connection with its Annual Meeting of Stockholders, Broadway Financial Corporation (the "Company") posted a presentation concerning the Company on the "Investor Relations" page of its website, www.cityfirstbank.com. A copy of the presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure. Such presentation shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, as well as Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits 99.1 Presentation dated July 17, 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: July 19, 2024 BROADWAY FINANCIAL CORPORATION By: /s/ Zack Ibrahim Name: Zack Ibrahim Title: Chief Financial Officer 3

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