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.
When two banks merge, it's often bad news for at least one of those bank's communities. They could be merging because one of the two banks has failed, and regulators from the Federal Deposit Insurance Corporation have brought in one bank to take over for the other. Or it could be a big bank buying up a smaller bank that is having trouble surviving because of regulations that currently tip the scales in favor of big banks. But what happens when two otherwise financially healthy community banks from across the country merge, willingly, to form a national bank? The residents of Black communities and other historically disinvested communities in Los Angeles and Washington, D.C. will have their chance to find out, with the announcement of a merger between Broadway Federal Savings Bank in Los Angeles and City First Bank of D.C.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.
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.