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Mon, 11.25.1946

Broadway Federal Bank, a California Black institution

Broadway Federal Bank, a Black owned financial institution in Los Angeles was founded on this date in 1946 when it received its Federal Charter.

Broadway Federal Bank was created as a mutual savings and loan by a group of civic-minded people interested in creating a financial institution that would serve the economic needs of Blacks living in Los Angeles after World War II. With an opening capitalization of $150,000, the bank's founders opened Broadway's doors to welcome the first savers on January 11, 1947.

H.A. Howard, a real estate broker and investor, was the first manager. The original Bank building consisted of a three-room office at 4329 South Broadway.  In 1949, Dr. Claude Hudson, a dentist and community leader became chair of the board of directors and supervised the management of the bank for the next 23 years.

In April of 1972, leadership of Broadway was passed to Dr. Hudson's son, Elbert Hudson, 10 years after Broadway’s board elected Paul Hudson as president and chief executive officer. Elbert Hudson continues to chair the board and the executive committee of the board.

In 1954, Broadway acquired a building from Woolworth's department store, and hired an architect and fellow board member, Paul R. Williams, to redesign the building. In 1955, BFB moved into the new headquarters at 4501 South Broadway.

Branch expansion began in January of 1967. Currently, Broadway operates four full service-banking facilities, three in the City of Los Angeles and one in the City of Inglewood with assets in excess of $175 million. Broadway's mission is to serve the credit and depository needs of the communities in which its branches are located. It has also maintained a broader commitment to employ, train, and mentor community residents, to contract for services with community businesses, to volunteer civic and community leadership, and to provide contributions of money and meeting space to community and religious organizations.

The bank's community orientation has been greatly influenced by its long-standing partnership with community churches. In 1998, Broadway received the coveted Social Compact Award for its innovative community development partnership with the Inglewood Neighborhood Housing Services. It was recognized again in 1999 when it was the recipient of the Federal Home Loan Bank of San Francisco's Community Partnership Award.

Broadway Financial Corporation is the parent holding company for Broadway Federal Bank. Broadway Financial is a publicly traded stock company whose common stock is traded on the NASDAQ small cap market under the symbol "BYFC.”

Reference:
Broadway Federal Bank

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