Chief Executive Officer, Paul C. Hudson stated, “We are pleased to have accomplished a key component of our overall process to recapitalize the Company and raise additional capital so that the Company is positioned to resume growth.” He went on to explain, “The discounted Exchange will provide a significant boost to our efforts to raise new capital and strengthen our balance sheet. The Company’s recapitalization plan is designed to address regulatory capital concerns, enhance the attractiveness of the Company to new and existing investors, and allow us to focus on our business model and opportunities in the market.”The Company has filed a Form 8-K with the U.S. Securities and Exchange Commission with respect to the foregoing. Forward-Looking Statements Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, the Company’s plans for raising capital and completing the transactions described in this press release, expectations regarding the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, and statements regarding strategic objectives. These forward-looking statements are based upon current management expectations, and involve risks and uncertainties. Actual results or performance may differ materially from those suggested, expressed, or implied by the forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, the real estate market, competitive conditions in the business and geographic areas in which the Company conducts its business, regulatory actions or changes and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. About Broadway Federal Bank Broadway Federal Bank, f.s.b. 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.
Shareholders, analysts and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com.