Broadway Financial Corporation Welcomes New Chief Banking Officer

Broadway Financial Corporation Welcomes New Chief Banking Officer

Ruth McCloud, Chief Operating Officer, Retires After 10 Years of Service

Broadway Financial Corporation (NASDAQ: BYFC), the parent company of City First Bank, has recently announced significant leadership changes. After a remarkable decade of service, Ruth McCloud, the Chief Operating Officer, has informed the organization of her retirement. Her contributions have been pivotal in the growth and success of City First Bank, an institution dedicated to serving the needs of low-to-moderate income communities.

Brian Argrett, the President and CEO of Broadway, expressed heartfelt gratitude towards Ruth, saying, "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." Her planned departure is set for March 31, and she will be working alongside her team to ensure a smooth transition of responsibilities.

Introducing John A. Allen as Chief Banking Officer

Broadway Financial is excited to introduce John A. Allen as the new Chief Banking Officer of City First Bank. John joined the bank on January 13, stepping into this vital role designed to oversee several key areas, including Commercial Sales and Banking, Credit Administration, Operations, and Retail. With his extensive experience, he is well-equipped to guide these operations towards achieving growth and operational excellence.

"We are absolutely thrilled to have John join our team," said Argrett. "Identifying the need for a powerful, mission-driven executive leader to guide our strategic and day-to-day operational functions was essential. John’s deep tenacity, extensive expertise, recognized leadership, and proven track record will be instrumental in executing our strategic goals." John's focus will be on creating synergies across various banking sectors to enhance customer experiences and streamline operations.

John A. Allen's Background

John A. Allen brings with him over 30 years of diverse experience in the financial services sector. His career includes prestigious roles such as serving as Region President for Wells Fargo and Executive Vice President & Region President at Santander Bank. John's impressive ability to lead retail, small business, and middle-market banking operations highlights his competence and versatility within the industry.

Commitment to Community Development

Broadway Financial Corporation operates through its fully-owned subsidiary, City First Bank, which stands out as a leading mission-driven bank dedicated to enriching urban communities. City First Bank's commitment to low-to-moderate income neighborhoods enhances the economic development and well-being of the communities it serves. The bank provides various products and services, particularly focusing on affordable housing, small businesses, and nonprofit community facilities.

About City First Bank

City First Bank aims to create equitable opportunities for financial success within the communities it serves. As a certified Community Development Financial Institution and a Minority Depository Institution, it plays a crucial role in supporting community projects that uplift and empower residents. The bank’s reputation as a trusted partner for community investments positions it as an industry leader in social responsibility.

Continuing the Vision

With Ruth McCloud’s retirement and John A. Allen stepping into the Chief Banking Officer role, Broadway Financial Corporation is poised for a dynamic future. The leadership transition reflects the company’s dedication to sustainable growth and operational excellence, affirming its mission-oriented approach in the banking industry. Stakeholders can look forward to the positive impacts of this new leadership as City First Bank continues to offer vital financial services that foster community development and enrich lives.

Stockholders, analysts, and other stakeholders seeking further information about Broadway are encouraged to reach out directly to Broadway Financial Corporation's Investor Relations.

Frequently Asked Questions

Who has recently retired from Broadway Financial Corporation?

Ruth McCloud has recently announced her retirement after providing ten years of dedicated service as the Chief Operating Officer.

Who is the new Chief Banking Officer at City First Bank?

John A. Allen is the newly appointed Chief Banking Officer, effective January 13, 2025.

What is the primary focus of City First Bank?

City First Bank focuses on providing financial services to low-to-moderate income communities, emphasizing support for affordable housing and small businesses.

How does Broadway Financial Corporation engage with its community?

Broadway Financial Corporation actively supports community development through its financial products and services aimed at improving economic outcomes for underserved neighborhoods.

What can we expect from the leadership changes at Broadway?

The leadership changes are expected to enhance operational efficiency and drive growth while maintaining the company’s commitment to its mission of community service.

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