The six banks that received equity from Wells Fargo are Broadway Federal Bank in Los Angeles; Carver Federal Savings Bank in New York City; Citizens Savings Bank & Trust in Nashville, Tennessee; Commonwealth National Bank in Mobile, Alabama; M&F Bank in Durham, North Carolina; and Optus Bank, in Columbia, South Carolina.
Broadway Federal Bank announced in August it would merge with Washington, D.C.-based City First Bank, a combination that would create the nation's largest Black-led bank with more than $850 million in deposits and $1 billion in assets. Wells Fargo said its investment in Broadway will close upon completion of the merger, which is expected to finalize this year.