Broadway Financial had hit a plateau and was in search of a successor to its longtime CEO Wayne-Kent Bradshaw. After the Los Angeles company rejected two buyout offers, Bradshaw reconnected with an old friend at CFBanc in Washington.
A deal to bring Coulee Dam FCU into the fold will expand the Spokane, Wash.-based credit union's branch network while providing a wider array of technologies to the former CDFCU members.
Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.
The company is exploring a range of options to diversify its balance sheet, but new CEO Thomas Cangemi says the best plan of attack is to merge with or acquire another institution.
The investment fund HoldCo Asset Management said the $900 million price tag of the agreement with SVB Financial Group “substantially undervalues” Boston Private Financial Holdings.
