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Broadway Federal Bank was founded on this date in 1946 when it received its Federal Charter. This is a Black-owned financial institution in Los Angeles.
Broadway Federal Bank was created as mutual savings and loans 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 bank's management for the next 23 years.
In April of 1972, the leadership of Broadway was passed to Dr. Hudson's son, Elbert Hudson, ten 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 1967. Currently, Broadway operates four full-service banking facilities, three in the City of Los Angeles and one in the City of Inglewood, with over $175 million in assets. 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 employing, training, and mentoring community residents, contracting for services with community businesses, volunteering civic and community leadership, and providing money and meeting space contributions to the community and religious organizations.
Its long-standing partnership with community churches has greatly influenced the bank's community orientation. 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 received 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 whose common stock is traded on the NASDAQ small-cap market under the symbol "BYFC.”