Merger of Broadway Financial and CFC Banc Corp. to Create Largest Black-Owned Bank in the US

The new institution is the largest Black-led bank in the United States, with more than $1 billion in assets. Its assets account for nearly one-fifth of the $5 billion-plus held last year by Black-owned financial institutions in the United States.

The merger comes amid a sharp decline in the number of Black-owned financial institutions. According to data compiled by the Federal Deposit Insurance Corp., fewer than 20 remain in the United States, a drop of more than half from 2001.

Read More >>

Leave a Reply

Your email address will not be published. Required fields are marked *