Broadway Financial (BYFC) Announces Preferred Exchange Offer with U.S. Treasury

Broadway Financial Corporation (Nasdaq: BYFC) has entered into an agreement with the U.S. Department of the Treasury pursuant to which the Treasury will exchange its Series D and E preferred stock in the Company for new common stock valued at a discount of 50% to the aggregate liquidation preference of $15 million for the Preferred Stock. In addition, the Treasury will exchange the accumulated, unpaid dividends on the Preferred Stock for new common stock at 100% of the accrued amount.

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