City First Bank and Broadway Financial Corp. Merge To Create Largest Black-Owned Bank in America - Fair360 (2024)

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City First Bank and Broadway Financial Corp. Merge To Create Largest Black-Owned Bank in America - Fair360? ›

The newly merged bank will have more than $1 billion in combined assets and will now become the largest Black-owned minority depository institution (MDI) in the United States. Tasha Taylor of The Source has reported that while there are currently 143 existing MDIs in the U.S., just 20 of them are led by Black CEOs.

OneUnited Bank is the nation's largest black-owned FDIC-insured bank with offices located in California, Florida, and Massachusetts. It is a designated Community Development Financial Institution (CDFI) that serves low to moderate income communities.

What happens when City First Bank merges with Broadway Federal Bank, you become the largest Black-led bank in the nation with over $1Billion in assets. Brian Argrett great job in leading the field!

Two Black-Led banks, City First in Washington, DC and Broadway Financial Corporation in Los Angeles, CA announced today that they have entered into a transformational Merger of Equals agreement to create the largest Black-Led bank in the nation with more than $1 billion in combined assets under management and ...

City First Bank is a commercial Community Development Financial Institution, Certified B Corp, held by a publicly traded Depository Institution Holding company (Broadway Financial Corporation, NASDAQ: BYFC).

OneUnited, the largest Black-owned bank in the U.S., manages around $625 million in assets. In comparison, Bank of America manages nearly $2.5 trillion.

Carver Federal Savings Bank

This bank is considered as the second-largest black-owned bank in the U.S. with assets totaling $664 million. Carver Federal Savings Bank was founded in 1948 and was named after the famous scientist, George Washington Carver.

Gate City Bank is a mutually owned bank headquartered in Fargo, North Dakota, with 45 branches across North Dakota and central Minnesota. The Bank is governed by a six-member Board of Directors elected by the membership.

Brian E. Argrett has been Director and Chief Executive Officer of City First Bank since 2011 Effective April 1, 2023, he became Chair of the Company and the Bank.

Citibank, (formerly City Bank of New York) was chartered by the State of New York on June 16, 1812, with $2 million (~$43.4 million in 2023) of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company.

What is the first Black-owned Bank in the United States? ›

In 1888, Capital Savings Bank in Washington, DC, became the first Black bank to open, and the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States, later opening in 1889. More Black-owned banks followed.

(WKRN) — The oldest Black-owned bank in our country can be found in Nashville, Tennessee. Citizens Savings Bank and Trust was founded in 1904, known as Once Cent Savings Bank. Three African American men dreamed of helping others build wealth and economic security.

The first Black-owned bank was the True Reformers Bank, which was chartered in 1888 by Rev. William Washington Browne, but which didn't open until 1889. The first Black-owned bank to officially open was Capital Savings Bank in October of 1888.

South Plains Financial Incorporated, the holding company for City Bank, is headquartered in Lubbock, Texas, and has more than $3 billion in assets. We operate 24 branch locations and 16 mortgage locations throughout Texas and New Mexico.

As of December 31st, 2022, City First Bank has total assets of $1.2 billion, total loans of $768 million, total deposits of $687 million; and we deployed $304 million in capital with 69% in mission lending in 2022. To learn more about our impact see our 2022 public benefit report.

As the battle for the control of First Bank of Nigeria Holdings Plc intensifies, Oba Otudeko's Honeywell Group last Thursday bought 4,770,269,843 shares of the firm in a cross deal worth N87. 8 billion.

OneUnited Bank is the nation's largest Black-owned and FDIC-insured bank. It was established by combining Black-owned banks from across the country.

Yes, OneUnited Bank is really Black owned. Our majority owners are our Chairman & Chief Executive Officer, Kevin Cohee and our President & Chief Operating Officer, Teri Williams. All of our board of directors and management team, the majority of which are African American, also own shares in OneUnited Bank.

(WKRN) — The oldest Black-owned bank in our country can be found in Nashville, Tennessee. Citizens Savings Bank and Trust was founded in 1904, known as Once Cent Savings Bank. Three African American men dreamed of helping others build wealth and economic security.