NEW YORK (AP) — Last month majority Black-owned banks City First Bank of Washington DC and Broadway Financial of Los Angeles said they would merge to create the U.S.’s largest minority deposit institution, or MDI.
MDIs are banks and financial service companies majority owned by racial and ethnic minorities. They often function as conduits to poverty-stricken neighborhoods, providing low cost loans and access to capital that wouldn’t typically be available.
City First CEO Brian Argrett will be CEO of the new bank once the merger is completed in early 2021. The combined bank will have roughly $850 million in deposits and $1 billion in assets. He spoke to The Associated Press about the merger and why minority-led institutions are important for racial and ethnic minorities to get a leg up.
Q: How did you start working at City First?
A: I like to call myself an accidental banker. I ran