In recent days, there has not been any news with regards to Broadway Financial Corporation (NASDAQ:BYFC), but that didn’t stop the stock from tanking by as much as 17% on Friday. This might often prove to be a pretty confusing situation for investors who might be looking into the stock.
However, in this situation, it might be prudent to look into the most recent development in relation to the company. Back in April this year, it was announced that Broadway Financial completed its merger with CFBacn Corporation. It goes without saying that it is a major development and one could take a closer look at the specific.
The completion of the merger Broadway has now become the biggest black led Minority Depository Institution in the United States. The company boasted of total assets under management to the tune of as much as $1 billion and total depository institution assets of $900 million at the end of December 31, 2020.
The company is going to be committed to the financially supporting those areas which have been underserved for a long time. Considering the decline in the Broadway stock this past Friday, it is likely that investors are going to keep an eye on the stock today to see if it can make a recovery.