Broadway Financial Corporation Announces New Chief Banking Officer

Ruth McCloud, Chief Operating Officer, Retires After 10 Years of Service
PRNewswireJanuary 16, 20255 min

Broadway Financial Corporation (“Broadway” or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association (the “Bank”), announced Chief Operating Officer, Ruth McCloud, provided notice on January 13, 2025, that she will be retiring from City First Bank on March 31, 2025. Over the past decade, Ruth’s dedication and contributions have played an essential role in the Bank’s growth and success.

“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. We wish her the absolute best as she embarks on her well-deserved retirement,” said Brian Argrett, President and Chief Executive Officer of Broadway. Ruth will work with her team and broader bank leadership to ensure a seamless transition of her responsibilities prior to her departure.

John A. Allen Joins City First Bank as Chief Banking Officer

Broadway is also extremely pleased to announce the appointment of John A. Allen as Chief Banking Officer. John joined City First Bank on January 13, 2025, in this key leadership role and newly created position. In this role, John will oversee Commercial Sales and Banking, Credit Administration, Operations, and Retail, ensuring these areas operate cohesively to drive growth, efficiency, our client experience, and operational excellence. John will report directly to President & CEO Brian Argrett.

“We are absolutely thrilled to have John join our team,” said Argrett. “Identifying the need for a powerful, mission driven executive leader to guide the strategic and day-to-day operational functions of our core business areas was essential. This leadership role is vital to driving our continued excellence and positioning City First Bank for further long-term success. John’s deep tenacity, extensive expertise, recognized leadership, and proven track record will be instrumental in the effective execution of our strategic goals and mission objectives.”

John A. Allen brings over 30 years of experience in driving performance and effective strategic leadership within the financial services industry through several notable leadership positions at top financial institutions. Most recently, John served as Region President for Wells Fargo across the Washington, D.C. metro area (including Baltimore, MD) where he was responsible for leading one of the premier regions. Prior to joining Wells Fargo, John served as Executive Vice President & Region President at Santander Bank, managing retail, small business, and middle-market banking operations. He also served as Market President at Capital One Bank, further showcasing his ability to lead and excel in diverse banking environments.

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