Merger creates biggest Black-owned bank

The merger of L.A.'s Broadway Federal Bank and Washington's City First Bank, announced Wednesday, "will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion," reports the New York Times.

Why it matters: Both banks "are Community Development Financial Institutions, which are lenders that focus on low- and moderate-income areas and typically serve minority borrowers and entrepreneurs who lack the assets to get traditional loans."