public nasdaq byfc industry banking founded 1946 headquarters los angeles california key people paul c. hudson chairman of the board ceo wayne kent a. bradshaw president coo number of employees 87 website broadway federal bank the broadway federal bank is a community bank founded in 1946 and based in los angeles . as of 2011 it owned and operated three traditional branches and one loan production office . 1 contents 1 history 2 cease and desist order 3 references 4 external links history edit 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 . the bank received its charter on november 26 1946 with an initial investment of 150 000 . it opened for business in a three room office on 4329 south broadway on january 11 1947 . 2 real estate broker and investor h. a. howard served as the first president of the company until september 1949 when dr. h. claude hudson investor community activist and dentist took over leadership . the savings and loan grew rapidly under chairman of the board hudson s supervision . 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 . 3 4 broadway federal grew to become the second largest black owned bank in the united states . 5 in 1966 its branch expansion began with a location in the mid town area of los angeles . this branch was also designed by paul williams . 3 in 1972 dr. hudson retired from active management of broadway federal and his son elbert t. hudson an attorney community activist and long time board member was selected as board chairman and ceo . elbert t. hudson served as ceo until march 1992 when his son paul c. hudson also an attorney and community activist took over . 3 shortly after paul c. 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 . despite this setback management reaffirmed its commitment to the community . 3 in december 1995 broadway began its conversion from a mutual savings and loan to a stock savings bank . the ipo raised close to 9 million . broadway financial corporation is the parent holding company of what is now known as broadway federal bank . broadway financial is publicly traded on the nasdaq over the counter market as symbol byfc . 3 cease and desist order edit in march 2010 based on information obtained during a regulatory examination the holding company broadway financial corporation and the bank broadway federal bank were determined to be in troubled condition and agreed to the issuance of cease and desist order c & d to them by the office of thrift supervision ots effective september 9 2010 . the c & d imposed limitations on the company and the bank . 1 6 according to the bank s annual report for 2011 with the security and exchange commission regulators have prohibited broadway federal from making additional loans to churches . about one quarter of outstanding loans have been to church properties which has been problematic for the bank . as of june 30 2012 broadway federal had seven repossessed churches on its books . 6 references edit a b http www.sec.gov http www.broadwayfederalbank.com a b c d e the history of broadway federal bank . broadway federal bank . retrieved october 16 2010 . ingham john n. ; feldman lynne b. 1994 . african american business leaders a biographical dictionary . westport connecticut greenwood press . pp. 58 75 . johnson john h. ed . september 1963 . the negro in business experts hail record in insurance banking undertaking real estate cosmetics publishing . ebony . chicago illinois johnson publishing company inc. 18 11 211 212 214 216 218 . a b reckard e. scott 2012 11 03 . african american churches protest foreclosures by black run bank . los angeles times . los angeles . retrieved 2012 03 20 . about one quarter of the money broadway federal has lent out has been for mortgages on church properties . in the tough economy it s become a problematic business for the bank which regulators have categorized as troubled since 2010 . external links edit broadway federal bank retrieved from https en.wikipedia.org w index.php title broadway federal bank & oldid 718425080 categories banks based in california navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 3 may 2016 at 12 49 . text is available under the creative commons attribution sharealike license ; 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