CF Bankshares to Acquire Broadway Financial Corp

TL;DR

BYFC getting bought by CF Bankshares for $2.4B assets, $2.1B deposits. Deal closes Q2 2025.

AI Summary

Broadway Financial Corporation (BYFC) announced on January 27, 2025, that it has entered into a definitive agreement to be acquired by CF Bankshares Inc. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. This acquisition will create a combined entity with approximately $2.4 billion in assets and $2.1 billion in deposits.

Why It Matters

This acquisition will lead to the consolidation of two financial institutions, potentially impacting market competition and customer services in their respective operating regions.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and other closing conditions, which introduces uncertainty regarding its completion.

Key Numbers

• $2.4B — Combined Assets (Total assets of the merged entity)
• $2.1B — Combined Deposits (Total deposits of the merged entity)

Key Players & Entities

• Broadway Financial Corporation (company) — Acquired company
• CF Bankshares Inc. (company) — Acquiring company
• $2.4 billion (dollar_amount) — Combined assets post-acquisition
• $2.1 billion (dollar_amount) — Combined deposits post-acquisition
• January 27, 2025 (date) — Announcement date
• second quarter of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

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

Filing Documents

• ef20042278_8k.htm (8-K) — 28KB
• ef20042278_ex99-1.htm (EX-99.1) — 712KB
• 0001140361-25-001960.txt ( ) — 908KB
• byfc-20250127.xsd (EX-101.SCH) — 4KB
• byfc-20250127_lab.xml (EX-101.LAB) — 21KB
• byfc-20250127_pre.xml (EX-101.PRE) — 16KB
• ef20042278_8k_htm.xml (XML) — 4KB

02

Item 2.02 Results of Operations and Financial Condition. On January 27, 2025, Broadway Financial Corporation (the "Company") issued a press release announcing results for the quarter and calendar year ended December 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 January 27, 2025, announcing results for the quarter and calendar year ended December 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: January 27, 2025 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