Broadway Federal Bank is a community bank based in Los Angeles, California, that belongs to Broadway Financial Corporation bank holding company. It was founded with the mission of serving Southern California low and moderate-income communities to help them with saving money and accessing loans with the commitment to excellent service, profitability, and sustained growth for underserved urban communities.
History of Broadway Federal Bank
Broadway Federal Bank was first founded as Broadway Federal Savings and Loan Association, with the mission of providing better financial opportunities to minorities. It has been doing so since its foundation by three community leaders in 1946. Throughout its first years of operations, it approved loans to consumers and small businesses from low and moderate-income communities like veterans, mainly in South Los Angeles. In 1954 it set its headquarters at 45th Broadway, and in 1995, it became a federally chartered stock savings bank and changed its name to Broadway Federal Bank. Today, it is a publicly-traded company and regulated by both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (the “FDIC”), and deposits are insured by the FDIC, and it belongs to the Federal Home Loan Bank of San Francisco.
Personal Banking and Commercial Lending
Broadway Federal Bank’s offering focuses mainly on multi-family housing lending in low and moderate-income communities in Southern California, mainly due to the need for affordable housing. Apart from this, it also offers other personal banking products, like deposit accounts, checking accounts, savings accounts, money market accounts, certificates of deposits, and retirement accounts, as well as home and other consumer loans.
For businesses and non-profit organizations, they offer a range of loan products like residential and commercial real state loans.
You can visit any of the bank’s three branches in Los Angeles: Mid-Wilshire Branch, Inglewood Branch, and Exposition Park Branch or one of their loan centers to become a customer of Broadway Federal Bank.