CARV - Broadway Financial stock soars after U.S. Treasury provides $142.5M equity investment

Shares of Broadway Financial (NASDAQ:BYFC) surge as much as 35% after the U.S. Department of the Treasury says the company is eligible to receive an equity investment of $142.5M from the agency with regards to the Emergency Capital Investment Program. Following the short-lived intra-day spike, BYFC erases a large chunk of those gains, though still elevated by about 9%. The investment in Broadway Financial (BYFC) is expected to take the form of senior perpetual noncumulative preferred stock with a dividend rate between 0.5% and 2% per year. "This investment will significantly improve our ability to advance our mission and multiply the impact and lending that we can make in the low-to-moderate communities that we serve," said BYFC CEO Brian Argrett. Shares of Carver Bancorp (CARV +7.2%) also jump following the release. See Broadway Financial's Q3 results.

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Broadway Financial stock soars after U.S. Treasury provides $142.5M equity investment