Broadway Federal Bank Announces U.S. Treasury Award Of $600,000
Broadway Financial Corporation (the “Company”) (Nasdaq Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (“Broadway”), announced today that on Thursday, September 30, 2010, Broadway was awarded a $600,000 Bank Enterprise Award ("BEA") from the Community Development Financial Institutions Fund ("CDFI"), a division of the United States Department of the Treasury.
Chairman and CEO, Paul C. Hudson, said, “We appreciate the CDFI’s recognition of our efforts to provide credit and financial education to borrowers operating in distressed communities.” He went on to say, “We are honored to be one of the 69 CDFI certified banks selected to receive a BEA award. The award will provide timely financial support for our mission of serving low to moderate income communities in Southern California.”
Broadway was selected to receive the award for providing owner occupied commercial real estate, charter school, single family and affordable housing development loans. The BEA Program is designed to encourage investment in low-income and economically distressed communities across the nation.
President and COO, Wayne-Kent A. Bradshaw, added, “In these difficult times of high unemployment and underemployment within low-income communities, CDFI funding is a vital source of financial support for the work of CDFI certified community based organizations.”Broadway was also the recipient of a $750,000 CDFI Financial Assistance award in September and a BEA award for fiscal 2009. Broadway Federal Bank, f.s.b., founded in 1946, is the leading community-oriented savings bank in Southern California serving low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. The Bank operates five full service branches, four in the city of Los Angeles, and one located in the nearby city of Inglewood, California. Broadway is the wholly owned subsidiary of Broadway Financial Corporation, a publicly traded NASDAQ company, trading under the symbol “BYFC”.
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