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Broadway Financial to up share count.

BANKING AND CREDIT NEWS-December 3, 2013--Broadway Financial to up share count

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3 December 2013 -- Los Angeles-based bank holding company Broadway Financial Corp (NASDAQ: BYFC) said that its stockholders have approved proposals to amend the company's certificate of incorporation to increase the number of authorised shares of common stock to 50m shares and authorize the company to issue up to 5m shares of a new class of non-voting common stock.

As a result, on December 2, 2013 the company's 13,299 outstanding shares of series F common stock equivalents will automatically convert into 13.299m shares of common stock, representing 66.02% of the company's total equity.

The firm's 6,982 shares of series G non-voting preferred stock will automatically convert into 698,200 shares of non-voting common stock, representing 3.47% of the company's total equity.

Broadway said that the common stock equivalents automatically convert at the rate of 1,000 shares of common stock for each share of common stock Equivalents, and the series G preferred automatically convert at the rate of 100 shares of common stock for each share of series G preferred.

The firm conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is a community-oriented savings bank in Southern California serving low to moderate income communities.

Find out more at www.broadwayfederalbank.com.

1 USD = 0.6115 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 3, 2013
Words:246
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