Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 220

Broadway Financial Corporation Announces Adoption of Stockholder Rights Plan

Posted by fidest press agency su domenica, 15 settembre 2019

Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), the parent company of Broadway Federal Bank, f.s.b., today announced that its board of directors approved a stockholder rights plan (the “Rights Plan”) on September 10, 2019. The board’s purpose in adopting the Rights Plan is to protect the Company’s stockholders against the possibility of attempts to acquire control of or influence over the Company through open market or privately negotiated purchases of the Company’s common stock without payment of a fair price to all of the Company’s stockholders or through other tactics that do not provide fair treatment to all stockholders. The Rights Plan, which was approved by the board of directors after consultation with the Company’s legal and financial advisors, is similar to rights plans that have been adopted by many public companies. Adoption of the Rights Plan is intended to encourage a potential acquiror of the Company to negotiate directly with the board of directors, and to assist the board in seeking to obtain the greatest value available to stockholders. The Rights Plan will not interfere with any merger, acquisition or business combination, or capital financing opportunity, that the Company’s board of directors believes to be in the best interest of the Company’s stockholders.
Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading community-oriented savings bank in Southern California serving low-to-moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. The Bank operates three full service branches, two in the city of Los Angeles, and one located in the nearby city of Inglewood, California.


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