Ruth McCloud,
Chief Operating Officer, Retires After 10 Years of Service
LOS
ANGELES, Jan. 15, 2025 /PRNewswire/ -- Broadway
Financial Corporation ("Broadway" or the "Company") (NASDAQ: BYFC),
parent company of City First Bank, National Association (the
"Bank"), announced Chief Operating Officer, Ruth McCloud, provided notice on January 13, 2025, that she will be retiring from
City First Bank on March 31, 2025.
Over the past decade, Ruth's dedication and contributions have
played an essential role in the Bank's growth and success.
"It has been a singular pleasure working with Ruth over the
years. I am profoundly grateful for her outstanding efforts and
deep commitment to our mission and success. We wish her the
absolute best as she embarks on her well-deserved retirement," said
Brian Argrett, President and Chief Executive Officer of
Broadway. Ruth will work with her team and broader bank leadership
to ensure a seamless transition of her responsibilities prior to
her departure.
John A. Allen Joins City First Bank as Chief Banking
Officer
Broadway is also extremely pleased to announce the appointment
of John A. Allen as Chief Banking
Officer. John joined City First Bank on January 13, 2025, in this key leadership role and
newly created position. In this role, John will oversee Commercial
Sales and Banking, Credit Administration, Operations, and Retail,
ensuring these areas operate cohesively to drive growth,
efficiency, our client experience, and operational excellence. John
will report directly to President & CEO Brian Argrett.
"We are absolutely thrilled to have John join our team," said
Argrett. "Identifying the need for a powerful, mission driven
executive leader to guide the strategic and day-to-day operational
functions of our core business areas was essential. This leadership
role is vital to driving our continued excellence and positioning
City First Bank for further long-term success. John's deep
tenacity, extensive expertise, recognized leadership, and proven
track record will be instrumental in the effective execution of our
strategic goals and mission objectives."
John A. Allen brings over 30
years of experience in driving performance and effective strategic
leadership within the financial services industry through several
notable leadership positions at top financial institutions. Most
recently, John served as Region President for Wells Fargo across
the Washington, D.C. metro area
(including Baltimore, MD) where he
was responsible for leading one of the premier regions. Prior to
joining Wells Fargo, John served as Executive Vice President &
Region President at Santander Bank, managing retail, small
business, and middle-market banking operations. He also served as
Market President at Capital One Bank, further showcasing his
ability to lead and excel in diverse banking environments.
About Broadway Financial Corporation
Broadway Financial Corporation operates through its wholly-owned
banking subsidiary, City First Bank, National Association, which is
a leading mission-driven bank that serves low-to-moderate income
communities within urban areas in Southern California and the Washington, D.C. market.
About the City First Bank
City First Bank offers a variety of commercial real estate loan
products, services, and depository accounts that support
investments in affordable housing, small businesses, and nonprofit
community facilities located within low-to-moderate income
neighborhoods. City First Bank is a Community Development Financial
Institution, Minority Depository Institution, Certified B Corp, and
a member of the Global Alliance of Banking on Values.
Stockholders, analysts, and others seeking information about the
Company are invited to write to: Broadway Financial
Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite
150, Los Angeles, CA 90010 or
contact Investor Relations at the phone number or email address
below.
Contacts
Investor Relations
Zack Ibrahim, Chief Financial
Officer, (202) 243-7100
Investor.relations@cityfirstbroadway.com
Marketing
Cynthia Newell, Chief of Staff,
(202) 243-7129
marketing@cityfirstbroadway.com
Cautionary Statement Regarding Forward-Looking
Information
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical facts contained in
this press release, including statements regarding our future
results of operations or financial condition, business strategy and
plans and objectives of management for future operations and
capital allocation and structure, are forward-looking
statements. Forward–looking statements typically include the
words "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," "poised,"
"optimistic," "prospects," "ability," "looking," "forward,"
"invest," "grow," "improve," "deliver" and similar expressions, but
the absence of such words or expressions does not mean a statement
is not forward-looking. These forward–looking statements are
subject to risks and uncertainties, including those identified
below, which could cause actual future results to differ materially
from historical results or from those anticipated or implied by
such statements. The following factors, among others, could
cause future results to differ materially from historical results
or from those indicated by forward–looking statements included in
this press release: (1) the level of demand for mortgage and
commercial loans, which is affected by such external factors as
general economic conditions, market interest rate levels, tax laws,
and the demographics of our lending markets; (2) the direction and
magnitude of changes in interest rates and the relationship between
market interest rates and the yield on our interest–earning assets
and the cost of our interest–bearing liabilities; (3) the rate and
amount of credit losses incurred and projected to be incurred by
us, increases in the amounts of our nonperforming assets, the level
of our loss reserves and management's judgments regarding the
collectability of loans; (4) changes in the regulation of lending
and deposit operations or other regulatory actions, whether
industry-wide or focused on our operations, including increases in
capital requirements or directives to increase allowances for
credit losses or make other changes in our business operations; (5)
legislative or regulatory changes, including those that may be
implemented by the current administration in Washington, D.C. and the Federal Reserve
Board; (6) possible adverse rulings, judgments, settlements and
other outcomes of litigation; (7) actions undertaken by both
current and potential new competitors; (8) the possibility of
adverse trends in property values or economic trends in the
residential and commercial real estate markets in which we compete;
(9) the effect of changes in general economic conditions; (10) the
effect of geopolitical uncertainties; (11) the impact of health
crises on our future financial condition and operations; (12) the
impact of any volatility in the banking sector due to the failure
of certain banks due to high levels of exposure to liquidity risk,
interest rate risk, uninsured deposits and
cryptocurrency risk; and (13) other risks and
uncertainties. All such factors are difficult to predict and
are beyond our control. Additional factors that could cause
results to differ materially from those described above can be
found in our annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K or other filings made with the
SEC and are available on our website at
http://www.cityfirstbank.com and on the SEC's website
at http://www.sec.gov.
Forward-looking statements in this press release speak only as
of the date they are made, and we undertake no obligation, and do
not intend, to update these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except to the extent required by law. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
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SOURCE Broadway Financial Corporation
