Broadway Federal Bank
Broadway Federal Bank was founded in 1946 by a group of civic minded men and women who had identified the need for conventional loans to minority consumers who were ignored by all of the existing financial institutions. Broadway continues to fulfill the mission of providing conventional loans and in providing training for minorities desirous of entering the industry. The Bank’s mission is to serve the real estate, business, and financial needs of customers in underserved urban communities with a commitment to excellent service, profitability, and sustained growth.
Wayne-Kent Bradshaw is the current chief executive of Broadway Federal Bank, the last African American bank headquartered in the Western United States. Bradshaw showed promise from an early age as a teenager in Kingston, Jamaica. After moving to the states, his love for film spurred his passion for mission driven banking. Bradshaw worked for various struggling financial institutions to flip them back on top, ultimately leading him to do the same for Broadway Federal.
The Treasury Department has significantly reduced its stake in Broadway Financial Corporation, the Banking Holding Company (BHC) of CDBA Member, Broadway Federal Bank in Los Angeles. The $413 million-asset bank recently disclosed in a regulatory filing that the Treasury sold about 4.7 million shares of its common stock, which reduced the Treasury's stake from 47.4% of total voting shares down to 29.3%.
The question of how to develop a national or statewide banking strategy to assist the black community is of the utmost importance. This article in the American Banker promotes a solution that involves cooperation between federal regulators such as the Federal Reserve, Office of the Comptroller of the Currency and the FDIC to work jointly with black-owned banks to make the largest impact.