Broadway Financial Corporation Welcomes New Chief Banking Officer Amid Changes
Broadway Financial Corporation Welcomes John A. Allen as New Chief Banking Officer
The Broadway Financial Corporation has recently made significant leadership changes that promise to shape the future of the organization. As of January 13, 2025, the company announced the appointment of John A. Allen as the new Chief Banking Officer at City First Bank, National Association, the bank's subsidiary. This comes on the heels of Ruth McCloud's retirement announcement, effective March 31, 2025, after a decade of dedicated service as the Chief Operating Officer.
Transitioning Leadership
Ruth McCloud's forthcoming retirement marks the end of an era for the City First Bank. Known for her vital contributions to the bank's growth and success over the past ten years, Ruth's departure leaves a significant void. In her final months, she is committed to facilitating a smooth transition, working closely with her team and the bank’s leadership.
Brian Argrett, President and CEO of Broadway Financial Corporation, expressed his gratitude for Ruth's hard work and dedication. He noted, “It has been a singular pleasure working with Ruth over the years. I am profoundly grateful for her outstanding efforts and deep commitment to our mission and success.” He wishes her the absolute best in her well-earned retirement.
Welcoming John A. Allen
The introduction of John A. Allen into the Executive Leadership Team represents a proactive step towards ensuring continued success. In his new role, he will supervise key operations including commercial sales and banking, credit administration, retail, and overall operations. Reporting directly to Argrett, John’s mission is to align these crucial areas to advance growth, efficiency, and enhance customer experience.
Argrett remarked on Allen's arrival with enthusiasm, stating, “We are thrilled to have John join our team. Identifying the need for a powerful, mission-driven executive leader to guide our strategic and operational functions was essential.” His extensive experience and proven track record in the financial services industry are expected to propel City First Bank to further achievements.
A Wealth of Experience
John A. Allen is no stranger to the demands and intricacies of financial leadership. With over 30 years of experience, he has previously held several notable leadership roles in top institutions. Most recently, he served as the Region President for Wells Fargo, overseeing operations across the Washington, D.C. area, including Baltimore, Maryland.
Before that role, he was the Executive Vice President and Region President at Santander Bank, where he managed retail, small business, and middle-market banking. He also held the position of Market President at Capital One Bank. John’s extensive background equips him with the necessary skills to lead strategic initiatives at City First Bank effectively.
Commitment to Mission-Driven Banking
Broadway Financial Corporation and City First Bank are well-known for their commitment to serving low-to-moderate income communities, particularly in Southern California and the Washington, D.C. area. City First Bank offers an array of services aimed at supporting affordable housing projects, small businesses, and community non-profits. It operates as a Community Development Financial Institution (CDFI) and is certified as a Minority Depository Institution.
As Broadway Financial continues to evolve, the leadership transition heralded by the arrivals of John A. Allen and the farewell to Ruth McCloud showcases its commitment to remaining responsive to the needs of the communities it serves while positioning itself for future growth and success.
For further inquiries regarding Broadway Financial Corporation or to learn more about their services, interested parties can reach out to their Investor Relations team at their office located at 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010.