| Type | 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 |
| Employees | 87 |
| Website | Broadway Federal Bank |
The Broadway Federal Bank (NASDAQ: BYFC) is a community bank founded in 1946 and based in Los Angeles. As of 2010, it owned and operated five branches.[1]
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.[1]
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.[1]
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.[1][2]
Broadway Federal grew to become the second largest black-owned bank in the United States.[3] 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.[1]
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.[1]
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.[1]
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).[1]