Black-led banks combine, focused on multifamily housing

Merger allows for more lending in underserved communities, CEO says

TRD NATIONAL /
Aug.August 27, 2020 04:45 PM
Broadway Federal Bank CEO Wayne-Kent Bradshaw and City First Bank CEO Brian Argrett (Photos via Getty, City First Bank)

Broadway Federal Bank CEO Wayne-Kent Bradshaw and City First Bank CEO Brian Argrett (Photos via Getty, City First Bank)

Two banks have merged to form the country’s largest Black-led lender.

The combination of Broadway Federal Bank in Los Angeles and City First Bank in Washington will focus on multifamily affordable housing, the New York Times reported.

“We need to scale up our impact,” said City First CEO Brian E. Argrett, who will lead the new lender of the same name. “Having a larger capital base is important so we can direct more resources into underserved communities.”

Both banks are Community Development Financial Institutions that serve low- and moderate-income areas. The merged bank will be a designated Minority Depository Institution. The classification refers to institutions that are federally insured and largely owned by minority shareholders or controlled by a minority-led board.

Of the 143 Minority Depository Institutions in the country, just 20 have Black leadership, according to the Times.

City First will have headquarters in Washington and California. [NYT] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Brooklyn’s Sunset Park is in the midst of a severe housing crisis and in desperate need of affordable housing. (Photo by Jim.henderson via Wikipedia)

Sunset Park faces severe affordable housing shortage: report

Sunset Park faces severe affordable housing shortage: report
(iStock)

Banks required balloon payments, stayed mum on foreclosure moratorium

Banks required balloon payments, stayed mum on foreclosure moratorium
The number of single-family homes on the market hit historic lows in July, driving prices up (iStock)

US housing supply reaches nearly 40-year low

US housing supply reaches nearly 40-year low
Mayor Lori Lightfoot (Getty; iStock)

Chicago affordable housing program has failed, report finds

Chicago affordable housing program has failed, report finds
Mayor Bill de Blasio (Getty)

“Status quo means going backwards:” How development fell from grace under de Blasio

“Status quo means going backwards:” How development fell from grace under de Blasio
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 

Chetrit family’s dev site buy tops weekly mid-market sales

Chetrit family’s dev site buy tops weekly mid-market sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...