|Broadway Federal Bank|
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he History of Broadway Federal Bank
Broadway Federal Bank was founded in 1946 by a group of civic minded men and women seeking to provide lending and depository services to a community not served by the existing financial institutions. Broadway has continued to fulfill that mission, and to provide training for minorities entering the financial industry.
The Bank received its' Federal Charter on November 25, 1946 and welcomed its first savers on January 11, 1947. Boasting an initial investment of $150,000, the facilities consisted of a three-room office at 4329 South Broadway.
H. A. Howard, a real estate broker and investor, managed Bank operations until September of 1949. At that time, leadership of the Bank transitioned to Dr. H. Claude Hudson, an original investor, dentist and community leader.
For the next 23 years, Dr. Hudson chaired the Board of Directors and supervised the management of the bank.
In April of 1972, leadership was passed to Dr. Hudson's son, Elbert T. Hudson, a lawyer, longtime member of the Board, and like his father, a community activist. Mr. Hudson managed Broadway until March of 1992, at which time the Board elected his son, Paul C. Hudson to serve as President and Chief Executive Officer. Like his grandfather and father before him, Paul Hudson is a community activist, as well as a lawyer. April 2006 marked yet another step in the legacy with the appointment of F. Glenn Harvey as President and Chief Operating Officer. Mr. Harvey and the younger Mr. Hudson share a maternal grandfather in Broadway Federal founding director Paul R. Williams. Like his cousin and uncle, Glenn is active in community affairs. Elbert Hudson continues to chair the Board and the Executive Committee of the Board of Directors. Paul Hudson continues to lead as Chief Executive Officer.
Broadway grew quickly, and in 1954 acquired a Woolworth's department store at the corner of 45th and Broadway, which was renovated into a flagship headquarters for the Bank by noted architect Paul R. Williams, a founding director.
Branch expansion began in 1966 with the opening of our Midtown Branch in the Midtown Shopping Center. Once again, the Board called upon Paul R. Williams to design the new edifice.
In 1984, a third branch was opened in the city of Inglewood. Continuing to grow, the branch has moved twice in Inglewood, finally settling on a stand-alone facility at the corner of Market and Regent.
On April 30, 1992, a fire destroyed Broadway's headquarters during the civil unrest that beset Los Angeles following the Rodney King verdict. Management immediately announced the Bank's intent to rebuild and renewed its commitment to continue to serve the affected communities within South Central Los Angeles.
In December of 1995, Broadway's members approved the conversion of Broadway from a mutual savings and loan to a stock savings bank. The initial public offering, which was oversubscribed, raised close to $9 million.
With the infusion of additional capital, management has aggressively implemented a strategy of growing Bank assets. In 1998, management moved into new administrative headquarters with full banking services at 4800 Wilshire Boulevard in the Park Mile section of Mid-Wilshire. Looking to the future, 1999 brought the latest link in the branch chain as we replaced the temporary facility at 45th and Broadway, which had served the Eastside since the fire, with a new concept in banking centers at the corner of Martin Luther King and Figueroa.
From the early days in that three room office, to the current state-of-the-art banking and business center on Figueroa, Broadway remains committed to the ideals upon which it was founded.
The Bank manages more than 13,000 accounts with over 60 employees. Total assets exceed $217 million and the Bank capital exceeds $17.3 million. Management estimates that close to 85% of Broadway's loans are on properties located within the South Central and Mid-City areas of Los Angeles. Residential loans comprise more than 85% of the Bank's loan portfolio. Commercial loans make up 10%, with about half of the commercial loan portfolio being loans to churches within our community.
Broadway Financial Corporation is the parent holding company of Broadway Federal Bank. Broadway Financial is a publicly traded stock company whose common stock is traded on the NASDAQ over the counter market.
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Board of Directors
Paul C. Hudson is the Chairman and Chief Executive Officer of the Company and the Bank. Mr. Hudson joined the Bank in 1981, was elected to the Board of Directors in 1985, and served in various positions prior to becoming President and Chief Executive Officer in 1992. Mr. Hudson is a member of the California and District of Columbia Bars. He chairs the board of the Los Angeles Community Redevelopment Agency, and serves on the board of the Orthopaedic Hospital Foundation, Red Cross and the Southern California Counseling Center. Mr. Hudson also chairs the Board of the Community Build, Inc. Mr. Hudson is a member of the Executive Committees of the Company and the Bank and is a member of the Loan Committee of the Bank.
F. Glenn Harveyjoined the bank in April 2006 as President and Chief Operating Officer. Prior to joining Broadway Federal Glenn was Senior Vice President of Comerica's Entertainment Group Division and has structured and arranged loan facilities totalling approximately $1.3 billion. Prior to joining Comerica Harvey was Vice President and Senior Relationship Manager for Credit Lyonnais, where he managed an $800 million global gaming portfolio. A humanitarian as well as an entreprenuer. Harvey is particularly involved in youth affairs. He is a member of the Loyola High School Board of Regents and is involved in youth sports coaching several championship high school and USA National Junior Olympic championship track athletes and teams. Kellogg Chan has been President of Asia Capital Group, Ltd., a biotechnology holding company since 2001. He has been a member of the Board of Directors since 1993. He was Chairman and Chief Executive Officer of Universal Bank, f.s.b. from 1994 to 1995 and a consultant to Seyen Investments from 1993 to 1994. He was President and Chief Executive Officer of East-West Bank from 1976 to 1992. Mr. Chan is a past trustee of the Greater Los Angeles Zoo Association, and past member of the Boards of Directors of the San Marino City Club, the Southern California Chinese Lawyers Association and the San Gabriel Valley Council of Boy Scouts. Mr. Chan is a member of the Chinese American Citizens Alliance, Central City Optimists and the San Marino City Club. Mr. Chan is the Chairman of the Loan Committee of the Bank, a member of the Audit/CRA/Compliance Committee and Investment Committee of the Bank and a member of the Executive Committee of the Company.
Robert C. Davidson, Jr. is Chairman/CEO of Surface Protection Industries, one of the largest African American owned manufacturing companies in California. Prior to acquiring Surface Protection Industries in 1978, Mr. Davidson held a number of entrepreneurial and consulting positions in Los Angeles, Boston and New York. He is a member of the Boards of Directors of Jacobs Engineering Group, Inc., Morehouse College, Children's Hospital and the University of Chicago Graduate School of Business Advisory Council. Mr. Davidson is a member of the Compensation/Benefits Committee of the Bank.
Javier Leon is Chief Executive Officer of Chivas USA and its parent company, Chivas USA Enterprises LLC. Chivas USA is a member team of US Major League Soccer and is the sister team of Chivas Guadalajara, Mexico's most followed soccer club, with more than 30 million fans across Mexico and the United States. Mr. Leon is a member of the Board of Governors with the MLS.
A. Odell Maddox is Manager of Maddox Co., a real estate property management and sales company. Mr. Maddox served as a real estate appraiser for the Los Angeles County Assessor's Office from 1978 to 1979. Mr. Maddox served as President of Maddox & Stabler Construction Company, Inc. (a public works construction company) from 1984 to 1999. Mr. Maddox is the Chairman of the Asset Review Committee of the Bank and a member of the Loan and Executive Committees of the Bank.
Rick McGill is President of Quaker City Bank. Mr. McGill is the former President and Chief Executive Officer of Quaker City Bancorp, Inc. which was the holding company for Quaker City Bank and has been in banking for 33 years. He currently serves on the Board of Directors of the Federal Home Loan Bank of San Francisco and is Chairman-Elect of the California Bankers Association.
Daniel A. Medina is a private investor. Until March 31, 2000 he was Managing Director in the Global Corporate Finance Practice for Arthur Anderson, LLP which he joined in February 1999. Prior to joining Arthur Anderson, Mr. Medina had been Vice President-Acquisitions for Avco Financial Services, Inc., since 1996 and Managing Director-Corporate Advisory Department for Union Bank of California, N.A., a subsidiary of the Bank of Tokyo Mitsubishi Bank, since 1992. Mr. Medina has been a member of the Company's Board of Directors since 1997. Prior to that time he was an advisor to the Broadway Federal Board of Directors beginning in 1993, and the Company's Board of Directors beginning in 1996. Mr. Medina is the Chairman of the Investment Committee and the Audit/CRA/Compliance Committee of the Bank and a member of the Executive Committee of the Bank and the Compensation/Benefits Committees of the Bank and the Company.
Virgil Roberts is the managing partner of Bobbitt & Roberts, a law firm representing clients in the entertainment industry. He previously served as President of Dick Griffey Productions and Solar Records. Mr. Roberts is the past Chairman of the Los Angeles Annenberg Metropolitan Project and a past Chair of the California Community Foundation. He also serves on the Board of Directors of Community Build, and is a Trustee of Occidental College and the Marlborough School. Mr. Roberts is a member of the Audit/CRA/Compliance and Compensation/Benefits Committees of the Bank.
Elrick Williams is Chairman and Chief Executive Officer of Allston Trading LLC, a firm that specializes in algorithimic electronic trading of stocks, Treasury bonds, currencies, futures and options. Prior to founding Allston Trading LLC in 2003, Mr. Williams was a trader from 1999 to 2003 with various trading companies.
Sam Sarpong joined Broadway Federal Bank in February 2004 as First Vice President, Internal Auditor and Chief Compliance Officer. Mr. Sarpong currently serves as Senior Vice President/Chief Financial Officer. Prior to joining Broadway Federal, Mr. Sarpong was an Audit Manager at Citibank from 2000-2004. From 1994-2000, Mr. Sarpong was Vice President, Internal Audit Director at Hawthorne Savings. Mr. Sarpong is a member of the Financial Managers Society (Internal Audit Division), and a member of the Institute of Internal Auditors.
Wilbur McKesson joined Broadway Federal Bank in March 2007 as Senior Vice President/Chief Loan Officer. Prior to joining Broadway Federal, Mr. McKesson served as Vice President for Affordable Housing at Option One Mortgage from December 2002 through February 2007. In addition, Mr. McKesson has over twenty years of lending experience, which includes three years at CitiMortgage and twelve years at Washington Mutual.
Candis Hurdle-Noel joined Broadway Federal Bank in November 2006 as Senior Vice President/Chief Retail Banking Officer. Prior to joining Broadway Federal, Ms. Noel worked at Comerica Bank from 1992 to 2006, where she recentiy served as Vice President, Regional Deposit Officer.
|Title:||Broadway Federal Bank|
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