Broadway Federal Bank, a well-established federally chartered bank that has been providing lending and depository services to a community not generally served by larger financial institutions for over 60 years, recently hosted a community-banking and customer relationship celebration at their headquarters in the Park Mile section of Mid-Wilshire Boulevard in Los Angeles.
“We realize that our customer relationships are the substance of our franchise value.” Chairman/
CEO, Paul Hudson said. “Today was a family event and we accomplished our goal of expanding our outreach. I am very pleased with the turnout.” He continued. “And, everyone had a great time.”
Summer-like Southern California weather made the outdoor Saturday afternoon event, filled with great food, celebrities, entertainment, business-networking and fellowship, a fun-filled occasion for the hundreds of bank customers, community leaders and other Broadway Federal patrons.
Growing rapidly from an initial $150,000 investment and a three-room office at 4329 South Broadway in Los Angeles, in 1947, the bank acquired a new headquarters in 1954 and an additional branch in 1966. In 1984, a third branch was opened in the City of Inglewood that is now situated on a stand-alone facility at the corner of Market and Regent Streets, and in 1999 another banking center was established at the corner of Martin Luther King and Figueroa, close to downtown.
In December of 1995, Broadway experienced a nearly $9 million initial public offering cash infusion when the members approved the conversion from a mutual savings and loan to a stock savings bank.
Operating state-of-the-art business and banking centers, at all of its locations, Broadway manages more than 13,000 accounts with over 60 employees. Close to 85% of Broadway’s loans are on properties located within the South Central and Mid-City areas of Los Angeles and residential loans comprise more than 85 percent of the Bank’s loan portfolio. In addition, commercial loans comprise 10 percent of their portfolio with one-half of those being loans to churches within our community.
For the past few years, Broadway has undertaken a number of initiatives intended to convey their benefits of community banking. From expanding their outside sales team, implementing new products and specializing in niche marketing, they have been able to increase business among existing customers, re-establish relationships with past customers and expand their base of new clients.
“At the present time, we have assets that exceed $370 million and our goal is to reach $1 billion within five years.” Hudson said.
As Broadway continues to build meaningful relationships with their expanding customer base, their success is expected to increase profitability and asset growth, which represents value to their shareholders.
Broadway Financial Corpora-tion is the parent holding company of Broadway Federal Bank and is a publicly traded stock company whose common stock is traded on the NASDAQ over the counter market. For more information about the full range of their branch and internet banking services, stop by one of their local branches or visit them online.