<SEC-DOCUMENT>0001140361-21-012180.txt : 20210408
<SEC-HEADER>0001140361-21-012180.hdr.sgml : 20210408
<ACCEPTANCE-DATETIME>20210408171107
ACCESSION NUMBER:		0001140361-21-012180
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210401
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210408
DATE AS OF CHANGE:		20210408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWAY FINANCIAL CORP \DE\
		CENTRAL INDEX KEY:			0001001171
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				954547287
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39043
		FILM NUMBER:		21815619

	BUSINESS ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
		BUSINESS PHONE:		3236341700

	MAIL ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>brhc10022933_8k.htm
<DESCRIPTION>8-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div style="text-align: center; font-weight: bold; font-size: 14pt;">UNITED STATES</div>
      <font style="font-size: 14pt;"> </font>
      <div style="text-align: center; font-weight: bold; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-weight: bold; font-size: 12pt;">Washington, D.C. 20549</div>
      <div style="text-align: center;">&#160;</div>
      <div style="text-align: center; font-weight: bold; font-size: 18pt;">FORM&#160;8-K</div>
      <div style="text-align: center;">&#160;</div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; font-weight: bold;">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</div>
      <div style="text-align: center;">&#160;</div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):<font style="font-weight: bold;"> April 1, 2021</font></div>
      <div style="text-align: center;">&#160;</div>
      <div style="text-align: center; font-weight: bold; font-size: 24pt;">BROADWAY FINANCIAL CORPORATION</div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7bbe96d3a3d1453fa3915061d0797200">

          <tr>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;"><a name="z_Hlk48720211"></a>Delaware</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">001-39043</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">95-4547287</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center;">(Commission File Number)</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. Employer Identification Number)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zfd41840c4fd0438fbbaaf05988a6c74e" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td rowspan="1" style="width: 67%; text-align: center;">
                <div style="font-weight: bold;">5055 Wilshire Boulevard Suite 500, Los Angeles, California</div>
              </td>
              <td style="width: 33.33%; text-align: center;">
                <div style="font-weight: bold;">90036</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 67%;">
                <div style="text-align: center;">(Address of principal executive offices)</div>
              </td>
              <td rowspan="1" style="width: 33.33%;">
                <div style="text-align: center;">(Zip Code)</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160; </div>
      <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:&#160;&#160;(<font style="font-weight: bold;">323) 634-1700</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">NOT APPLICABLE</div>
      <div style="text-align: center;">(Former name or former address, if changed since last report)</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e2afbddeac74f268e70ca6604725db4">

          <tr>
            <td style="width: 18pt; vertical-align: top;"><a name="Check1"></a>&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f0a8df4c96344938bbf6077ea880e68">

          <tr>
            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z866e6457a2064bbaae7c740913192f38">

          <tr>
            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27dfcc36dc674220b9690be4d6c04c99">

          <tr>
            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>Securities registered pursuant to Section&#160;12(b) of the Act:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zcb7801a9738e49339fadfdef52523bc7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 34.62%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Title of each class</div>
              </td>
              <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: center; font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-indent: 4.2pt; font-weight: bold; text-align: center;">Trading Symbol(s)</div>
              </td>
              <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: center; font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
              </td>
            </tr>
            <tr>
              <td style="width: 34.62%; vertical-align: top;">
                <div style="text-align: center;">Class A Common Stock, par value $0.01 per share (including attached preferred stock purchase rights)</div>
              </td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: center;">&#160;</div>
              </td>
              <td style="width: 26%; vertical-align: top;">
                <div style="text-align: center;">BYFC</div>
              </td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: center;">&#160;</div>
              </td>
              <td style="width: 35%; vertical-align: top;">
                <div style="text-align: center;">The Nasdaq Stock Market LLC</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#8201;240.12b-2 of this
        chapter).</div>
      <div>&#160;</div>
      <div style="text-align: right;">Emerging growth company &#9744;</div>
      <div>&#160;</div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
        Act.&#160;&#160; &#9744;</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageFooter"></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div id="DSPFPageHeader"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e716fa10031457db9987fdeca9ba79e">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">Item 3.02</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Unregistered Sales of Equity Securities.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><u>Share Exchange</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">On April 5, 2021, Broadway Financial Corporation (the &#8220;<u>Company</u>&#8221;) issued <font style="color: #000000;">681,300 shares of the Company&#8217;s Class C Common Stock to </font>J.P. Morgan Chase Community Development
        Corporation (&#8220;<u>JPM</u>&#8221;) in exchange for <font style="color: #000000;">681,300 shares of the Company&#8217;s Class A Common stock held by JPM</font> in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended, and<font style="color: #000000;"> pursuant to a </font>Share Exchange Agreement entered into by the Company and JPM on April 1, 2021. The Share Exchange Agreement contains customary representations and warranties of the Company and JPM.</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify;"><u>Closing of Private Placement</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">As previously disclosed by the Company in Current Reports on Form 8-K dated November 25, 2020 and February 23, 2021, the Company entered into stock purchase agreements on November 23, 2020, November 24, 2020,
        February 19, 2021 and February 20, 2021 with various accredited investors pursuant to which the Company agreed to sell such investors, severally, shares of the Company&#8217;s Class A Common Stock and Class C Common Stock at a price per share of $1.78.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On April 6, 2021, the Company completed sales of an aggregate of 18,474,000 shares of its common stock, consisting of 11,221,921 shares of its Class A Common Stock and 7,252,079 shares of its Class C Common Stock,
        for aggregate consideration of approximately $32.88 million, to such investors pursuant to the stock purchase agreements.&#160; The Company paid aggregate placement fees of approximately $1.264 million to Raymond James &amp; Associates, Inc. and Keefe,
        Bruyette &amp; Woods, Inc. in connection with the sales of common stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><u>Class C Common Stock</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company&#8217;s Class C Common Stock is subject to restrictions on transfer (summarized below) and will convert automatically into an equal number of shares of Class A Common Stock in the event of permitted transfers
        in accordance with the same terms that are applicable to the Company&#8217;s currently outstanding non-voting common stock, par value $0.01 per share, as set forth in the Company&#8217;s certificate of incorporation.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Class C Common Stock is only transferrable by an initial holder thereof or an affiliate of the initial holder (i) to an affiliate of the initial holder, (ii) to the Company, (iii) in a widespread public
        distribution, (iv) in a transfer in which no transferee (or group of associated transferees) would receive 2% or more of any class of voting securities of the Company, or (v) to a transferee that would control more than 50% of the voting securities
        of the Company without any transfer from the initial holder or any affiliate of the initial holder. Pursuant to the Company&#8217;s certificate of incorporation, the Class C Common Stock may be made subject to additional restrictions on transfer imposed
        by the Company if necessary to preserve the non-voting classification of the Class C Common Stock for bank regulatory purposes.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0acb12f5cbad409fa6d08a6bf8e9149f">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe2fe601f4b7489fbfdd1646c86e8aee">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Exhibits</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdaef16e0b1bf4e3d8156db268649872a">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><a href="brhc10022933_ex99-1.htm">99.1</a></td>
            <td style="width: auto; vertical-align: top;">
              <div>Press Release dated April 7, 2021, announcing closing of sale of common stock.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageFooter"></div>
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div id="DSPFPageHeader"></div>
      </div>
      <div style="text-align: center; margin-right: 0.75pt; margin-left: 0.75pt; font-weight: bold;">SIGNATURE</div>
      <div>&#160;</div>
      <div style="text-align: justify;">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.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z39dcf25a075549bc9f6d6c2e9bdcf5bc">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>
                <div>Date:&#160; April 8, 2021</div>
              </div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div>
                <div style="text-align: center;"><font style="font-weight: bold;">BROADWAY FINANCIAL CORPORATION</font> <br>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>
                <div>&#160;</div>
              </div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div>
                <div>&#160;</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
              <div>
                <div>&#160;</div>
              </div>
            </td>
            <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">
              <div>
                <div>By:</div>
              </div>
            </td>
            <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Brenda J. Battey</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>
                <div>&#160;</div>
              </div>
            </td>
            <td style="width: 4%; vertical-align: top;">
              <div>
                <div style="font-style: italic; font-weight: bold;">&#160;</div>
              </div>
            </td>
            <td style="width: 46%; vertical-align: top;">
              <div>
                <div>Name: Brenda J. Battey</div>
                <div>Title: Chief Financial Officer</div>
              </div>
            </td>
          </tr>

      </table>
      <div style="font-weight: bold;">&#160;</div>
      <div style="font-weight: bold;"> <br>
      </div>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
  <div style="text-align: center;" id="DSPFPageNumberArea">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber"> </font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10022933_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center;"><img src="image00001.jpg"></div>
      <div><br>
      </div>
    </div>
    <div style="text-align: right;">
      <div style="text-align: left; font-weight: bold;">News Release</div>
      <div><br>
      </div>
      <div style="text-align: left;">FOR IMMEDIATE RELEASE</div>
      <div style="text-align: left;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">CityFirstBroadway Completes Common Stock Capital Raise</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Total Equity Increased to Approximately $135 million</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Expands Capacity for Economic Investments in Underserved Communities</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">LOS ANGELES, CA</font> &#8211; (BUSINESS WIRE) &#8211; (April 7, 2021) Broadway Financial Corporation (&#8220;Broadway") (Nasdaq-CM: BYFC) announced today that it closed on the sale of 18,474,000
        shares of Broadway&#8217;s common stock in the previously announced private placements with institutional and accredited investors, raising $32.88 million in gross proceeds.</div>
      <div style="text-align: left;"><br>
      </div>
      <div style="text-align: justify;">Broadway will use the net proceeds for general corporate purposes, including to originate loans supporting investments in multifamily affordable housing, small businesses, and nonprofit community facilities located
        in the low-to-moderate income communities in Southern California and the Metropolitan Washington, D.C. area that are served by Broadway&#8217;s wholly owned bank subsidiary, City First Bank, National Association (the &#8220;Bank&#8221; and together with Broadway,
        &#8220;CityFirstBroadway&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify;">As disclosed previously, the investors included: Ally Financial Inc.; Banner Bank, a wholly owned subsidiary of Banner Corporation; Banc of America Strategic Investments Corporation, an affiliate of Bank of America
        Corporation; Cedars-Sinai Medical Center; Citigroup Inc.; First Republic Bank; clients and affiliates of Grace &amp; White, Inc.; JP Morgan Chase; Texas Capital Community Development Corporation, an affiliate of Texas Capital Bancshares, Inc.; and
        Wells Fargo Central Pacific Holdings, Inc., an affiliate of Wells Fargo &amp; Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">&#8220;The closing of these private placements creates an exciting opportunity for CityFirstBroadway to partner with leading institutions in the country to significantly expand economic investments within the underserved
        urban communities served by our Bank.&#160; The proceeds from the investments will increase CityFirstBroadway&#8217;s total equity by approximately 30 percent, which in turn creates the potential for an increase in investments within low-to-moderate income
        communities by up to eight times that investment over time.&#160; In addition, our relationships with these leading institutions will help CityFirstBroadway leverage their expertise and resources to enhance the products and services we offer to our
        customers.&#160; We feel very fortunate to have garnered the support and implicit endorsement of such an illustrious array of leading organizations across the country,&#8221; said Brian E. Argrett, President/CEO and Vice Chairman.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-weight: bold;">About the Private Placements</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Under the terms of the private placements, Broadway issued 11,221,921 shares of its Class A voting common stock and 7,252,079 shares of its Class C nonvoting common stock at a price of $1.78 per share.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Including the shares of Broadway that were issued in the merger of equals with CFBanc Corporation last week, the total number of outstanding shares of Broadway&#8217;s common stock has increased to 71,725,280 shares,
        comprised of 43,630,884 shares of Class A voting common stock, 11,404,621 shares of Class B non-voting common stock, and 16,689,775 shares of Class C nonvoting common stock.&#160; In addition, Broadway has 3,000 shares of Fixed Rate Cumulative
        Redeemable Perpetual Preferred Stock, Series A, outstanding with a liquidation preference of $3 million.</div>
      <div style="text-align: left;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;">Raymond James &amp; Associates, Inc. and Keefe, Bruyette &amp; Woods, A Stifel Company<font style="font-style: italic;">,</font> acted as placement agents to Broadway in connection with the private placements.&#160;
        Arnold &amp; Porter Kaye Scholer LLP served as legal counsel to Broadway and<font style="font-weight: bold;">&#160;</font>Hunton Andrews Kurth LLP served as legal counsel to the placement agents.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">For more information about the private placements and merger of equals please visit <u>www.cityfirstbroadway.com</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This press release shall not constitute an offer to sell, a solicitation of an offer to sell, or the solicitation or an offer to buy any securities.</div>
      <div style="text-align: left;"><br>
      </div>
      <div style="text-align: left; font-weight: bold;">About CityFirstBroadway</div>
      <div><br>
      </div>
      <div style="text-align: justify;">CityFirstBroadway is a leading provider of financial products and services to economically underserved urban communities and is supported by impact-focused investors and depositors who share CityFirstBroadway&#8217;s
        mission to close the racial wealth gap through the provision of capital.&#160; The Bank offers a variety of commercial loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit
        community facilities located in low-to-moderate income neighborhoods.&#160; Broadway is a bank holding company and Delaware public benefit corporation.&#160; The Bank is a Community Development Financial Institution, Minority Depository Institution,
        Certified B Corp, and a member of the Global Alliance of Banking on Values, entities whose values are aligned with sustainable solutions, healthier families, and more prosperous communities for our collective well-being.&#160; CityFirstBroadway has
        branches serving the Metropolitan Washington, D.C. and Southern California regions.&#160; For more information, please visit <u>www.cityfirstbroadway.com</u>.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-weight: bold;"><u>Contacts</u></div>
      <div><br>
      </div>
      <div style="text-align: left;">Investor Relations</div>
      <div style="text-align: left;">Brenda J. Battey, Chief Financial Officer, (323) 556-3264</div>
      <div style="text-align: left;"><u>Investor.relations@broadwayfederalbank.com</u></div>
      <div><br>
      </div>
      <div style="text-align: left;">Media Relations</div>
      <div style="text-align: left;">Gloria Nauden, VP Marketing &amp; Communications</div>
      <div style="text-align: left;"><u>gnauden@cityfirstbank.com</u></div>
      <div style="text-align: left;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Information</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This communication includes &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.&#160; Words such as &#8220;expect,&#8221; &#8220;estimate,&#8221;
        &#8220;project,&#8221; &#8220;budget,&#8221; &#8220;forecast,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;poised,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; and similar expressions are intended to identify such forward-looking statements; however,
        the absence of these words does not mean the statements are not forward-looking.&#160; Forward-looking statements in this communication involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity,
        performance, or achievements to differ materially from results expressed or implied by such statements.&#160; Such risk factors include, among others: uncertainty as to the extent of the duration, scope and impacts of&#160;the&#160;COVID-19&#160;pandemic;&#160;political
        and economic uncertainty, including the possibility of a decline in global economic conditions or the stability of credit and financial markets; possible changes in the monetary and fiscal policies of the U.S. Government, including policies of the
        United States Department of the Treasury and the Federal Reserve Board; changes in legislation, regulation, policies or administrative practices, whether by&#160; governmental, legislative or judicial action, and other changes pertaining to banking,
        securities, taxation, financial accounting and reporting, and environmental protection and the ability to comply with such changes in a timely manner; possible effects of changes in real estate markets and interest rates, which may affect
        CityFirstBroadway&#8217;s net income and future cash flows, or the market value of CityFirstBroadway&#8217;s assets, including investment securities; risks related to the diversion of management time from ongoing business operations due to the merger; the
        dilutive effect of shares of the company&#8217;s common stock issued in the merger; the risk of pending litigation relating to the merger; the risk of possible adverse rulings, judgments, settlements and other outcomes of other pending litigation; the
        risk that the merger could have an adverse effect on the ability of CityFirstBroadway to retain customers and retain and hire key personnel and maintain relationships with its customers and on its operating results and businesses generally; the
        risk that problems may arise in successfully integrating the businesses of the companies, which may result in CityFirstBroadway not operating as effectively and efficiently as expected, or that the entities may not be able to successfully integrate
        the businesses; the risk that operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which CityFirstBroadway is highly dependent, and other
        important factors that could cause actual results to differ materially from those projected.&#160; All such factors are difficult to predict and are beyond CityFirstBroadway&#8217;s control.&#160; Additional factors that could cause results to differ materially
        from those described above can be found in the company&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings, which have been filed with the SEC and are available on the company&#8217;s website at <u>https://www.broadwayfederalbank.com/financial-highlights</u>
        and on the SEC&#8217;s website at <u>http://www.sec.gov</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Actual results may differ materially from those contained in the forward-looking statements in this communication.&#160; Forward-looking statements speak only as of the date they are made, and CityFirstBroadway undertakes
        no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication, except to the extent required by law.&#160; You are cautioned not to place undue reliance on
        these forward-looking statements, which speak only as of the date of this communication.</div>
      <div><br>
      </div>
      <div style="text-align: center;">###</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  H 18# 2(  A$! Q$!_\0
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MND^%&BZSI6B)+K&NOJD-U;P/;1-'M^S+M^Z.>>H_*O'_ -I[_D==-_[!X_\
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M_P ,^.[W5_A/?^)Y+>V6_M8KAO*4'RRT>2.^<8QWKYFT&U^T>'/$<[*"T%O
MX..A,Z@UZS\+;KS/@1XSML\P"X./9H0?\:K$4*<8^ZMFB<-B*LI>]+=,S/\
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M4B6O+&/EE8G)P!SUR00#C)!&*H>*M7\8_%"UBT+2_#-WH^FRNK75Q>Y (!R
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M_7SHF4B^<_>/:O5F^Z?I655IQAZ?J;T4U.=^_P"B/&/V9?\ D#^(_P#L(?\
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-HHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
