May 11, 2009
4. Broadway Federal Bank
Broadway Federal Savings and Loan Association was founded in 1946 with a $150,000 investment from a group of community activists who had identified the need for conventional loans to minority consumers who were ignored by all of the existing financial institutions.
Today, Broadway Federal Savings is the largest black-owned bank in California and third largest black-owned bank in the nation. The bank now manages more than 13,000 accounts with over 85 employees.Â Broadway Financial Corp. is the parent holding company of Broadway Federal Bank.
Eighty-five percent of Broadway’s lending activities support properties located within the South Central and Mid-City areas of Los Angeles. Commercial loans make up 10%, with about half of the commercial loan portfolio being loans to churches within our community.