In 2014, a former Broadway Federal Bank loan officer pled guilty in a scheme to receive kickbacks from brokers for processing unqualified church mortgage applications. The Bank also offers a variety of other residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. This focus addresses the chronic need for affordable housing that exists throughout all of Southern California, especially for those families living within low-to-moderate income communities. Bradshaw’s leadership, Broadway has continued its focus on serving low-to-moderate income communities, with a particular focus on lending for multi-family housing. Bradshaw, who joined the Bank as President and Chief Operating Officer in 2009, and became Chief Executive Officer of the Company and the Bank in 2012. The company is currently managed by Wayne-Kent A. Broadway Financial is publicly traded on the NASDAQ market as (symbol: BYFC). Broadway Financial Corporation is the parent holding company of what is now known as Broadway Federal Bank. In December 1995, Broadway began its conversion from a mutual savings and loan to a stock savings bank. Despite this setback, management reaffirmed its commitment to the community.
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Hudson’s appointment as CEO, a fire destroyed Broadway Federal’s main branch during the civil unrest that occurred in the wake of Rodney King beating trial verdict. Hudson, also an attorney and community activist took over. Hudson served as CEO until March 1992, when his son, Paul C. Hudson, an attorney, community activist and long-time board member was selected as board chairman and CEO. Hudson retired from active management of Broadway Federal and his son, Elbert T. This branch was also designed by Paul Williams. In 1966, its branch expansion began with a location in the Mid-Town area of Los Angeles. īroadway Federal grew to become the second largest black-owned bank in the United States. In 1954, Broadway Federal acquired a larger building at Broadway and 45th Street, which was redesigned by renowned architect Paul Williams, who was also a founding board member. The savings and loan grew rapidly under Chairman of the Board Hudson’s supervision. Claude Hudson, investor, community activist and dentist, took over leadership. Howard served as the first president of the company until September 1949 when Dr. It opened for business in a three-room office on 4329 South Broadway on January 11, 1947. The bank received its charter on Novemwith an initial investment of $150,000.
In 1946, Broadway Federal Savings and Loan Association was founded by a group of civic minded people to provide bank services to minorities in the greater Los Angeles area, who were not being serviced by any of the existing financial institutions.
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