Broadway Financial to Acquire Pacific City Financial for $115M
Ticker: BYFC · Form: 8-K · Filed: Jul 30, 2024 · CIK: 1001171
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
BYFC buying PCFC for $115M. Bigger bank, more reach.
AI Summary
Broadway Financial Corporation (BYFC) announced on July 30, 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 a broader range of services for customers in the affected markets.
Risk Assessment
Risk Level: medium — Mergers and acquisitions carry inherent risks related to integration, regulatory approval, and market reception.
Key Numbers
- $115M — 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
- $115 million (dollar_amount) — Acquisition price
- July 30, 2024 (date) — Announcement date
FAQ
What is the total value of the acquisition of Pacific City Financial Corporation?
The definitive agreement is for approximately $115 million.
Who is acquiring Pacific City Financial Corporation?
Broadway Financial Corporation is acquiring Pacific City Financial Corporation.
On what date was the acquisition agreement announced?
The report was filed on July 30, 2024, indicating the announcement date.
What is the stated purpose of this acquisition?
The filing indicates it is a definitive agreement for acquisition, implying strategic growth and consolidation.
What is the state of incorporation for Broadway Financial Corporation?
Broadway Financial Corporation is incorporated in Delaware.
Filing Stats: 543 words · 2 min read · ~2 pages · Grade level 11.7 · Accepted 2024-07-30 17:15:17
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20033329_8k.htm (8-K) — 28KB
- ef20033329_ex99-1.htm (EX-99.1) — 505KB
- 0001140361-24-034945.txt ( ) — 694KB
- byfc-20240730.xsd (EX-101.SCH) — 4KB
- byfc-20240730_lab.xml (EX-101.LAB) — 21KB
- byfc-20240730_pre.xml (EX-101.PRE) — 16KB
- ef20033329_8k_htm.xml (XML) — 4KB
02
Item 2.02 Results of Operations and Financial Condition. On July 30, 2024, Broadway Financial Corporation (the "Company") issued a press release announcing results for the quarter ended June 30, 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 July 30, 2024, announcing results for the quarter ended June 30, 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 30, 2024 BROADWAY FINANCIAL CORPORATION By: /s/ Zack Ibrahim Name: Zack Ibrahim Title: Chief Financial Officer 3