Broadway Financial Corp. Elects New Directors, Sees Director Depart
Ticker: BYFC · Form: 8-K · Filed: Jan 16, 2025 · CIK: 1001171
Sentiment: neutral
Topics: board-changes, management
TL;DR
Broadway Financial Corp. board shake-up: David Smith out, Riley & Johnson in.
AI Summary
Broadway Financial Corporation announced on January 13, 2025, the departure of Director David M. Smith. The company also elected two new directors, Michael J. Riley and David A. R. Johnson, to its Board. These changes are effective immediately.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine board changes and does not indicate any significant financial distress or operational issues.
Key Players & Entities
- Broadway Financial Corporation (company) — Registrant
- David M. Smith (person) — Departing Director
- Michael J. Riley (person) — Newly Elected Director
- David A. R. Johnson (person) — Newly Elected Director
- January 13, 2025 (date) — Effective date of changes
FAQ
Who has departed from the Board of Directors at Broadway Financial Corporation?
David M. Smith has departed from the Board of Directors.
Who has been elected as new directors to the Board?
Michael J. Riley and David A. R. Johnson have been elected as new directors.
What is the effective date of these board changes?
The changes are effective as of January 13, 2025.
What is the principal executive office address for Broadway Financial Corporation?
The principal executive offices are located at 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010.
What is the IRS Employer Identification Number for Broadway Financial Corporation?
The IRS Employer Identification Number is 95-4547287.
Filing Stats: 825 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2025-01-15 19:14:06
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
- $310,000 — Mr. Allen will receive a base salary of $310,000, a target annual cash award opportunity
Filing Documents
- ef20041719_8k.htm (8-K) — 30KB
- ef20041719_ex99-1.htm (EX-99.1) — 15KB
- 0001140361-25-001206.txt ( ) — 185KB
- byfc-20250113.xsd (EX-101.SCH) — 4KB
- byfc-20250113_lab.xml (EX-101.LAB) — 21KB
- byfc-20250113_pre.xml (EX-101.PRE) — 16KB
- ef20041719_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On January 15, 2025, Broadway Financial Corporation (the "Company" or "Broadway") (NASDAQ Capital Market: BYFC), the holding company of City First Bank, National Association (the "Bank"), announced Chief Operating Officer, Ruth McCloud, provided notice on January 13, 2025, that she will be retiring from City First Bank on March 31, 2025. John A. Allen Joins City First Bank as Chief Banking Officer Broadway is also extremely pleased to announce the appointment of John A. Allen as Chief Banking Officer. John joined City First Bank on January 13, 2025, in this key leadership role and newly created position. In this role, John will oversee Commercial Sales and Banking, Credit Administration, Operations, and Retail, ensuring these areas operate cohesively to drive growth, efficiency, our client experience, and operational excellence. John will report directly to President & CEO Brian Argrett. John A. Allen brings over 30 years of experience in driving performance and effective strategic leadership within the financial services industry through several notable leadership positions at top financial institutions. Most recently, John served as Region President for Wells Fargo across the Washington, D.C. metro area (including Baltimore, MD) where he was responsible for leading one of the premier regions. Prior to joining Wells Fargo, John served as Executive Vice President & Region President at Santander Bank, managing retail, small business, and middle-market banking operations. He also served as Market President at Capital One Bank, further showcasing his ability to lead and excel in diverse banking environments. In connection with his appointment, Mr. Allen will receive a base salary of $310,000, a target annual cash award opportunity of 25% of base salary and a target annual equity award opportunity of 25% of base salary and is elig
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits. 99.1 Press Release, dated January 15, 2025. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
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 Date: January 15, 2025 By: /s/ Zack Ibrahim Zack Ibrahim Executive Vice President and Chief Financial Officer