The Treasury Department has significantly reduced its stake in Broadway Financial in Los Angeles.

The $413 million-asset Broadway disclosed in a regulatory filing that the Treasury sold about 4.7 million shares of its common stock at $1.59 each. Broadway bought 2.3 million of the shares, while the company's employee stock-ownership plan bought 1.4 million. First Republic Bank purchased roughly 834,000 shares of Broadway stock from the Treasury.

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