Broadway Financial repurchases 1,958,173 shares from FDIC at 90.95c

Broadway Financial reported that Broadway recently purchased 1,958,173 shares of the company’s Class A common stock from the Federal Deposit Insurance Corporation, or FDIC, which obtained the shares when it was appointed receiver for First Republic Bank upon its closure earlier this year. The purchased shares represented just under 4% of the company’s total voting shares prior to the purchase, and over 2.6% of the company’s total common equity. Broadway purchased the shares at a price of 90.95c per share, which represented the 20-day volume weighted average price for the Class A shares over the period ended October 24, 2023.