Broadway Federal Savings and Loan Association 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. Loans, if available at all, carried high interest rates and few if any jobs were to be had by returning veterans and other minorities. Broadway continues to fulfill the mission of providing conventional loans and in providing training for minorities desirous of entering the industry.
With an investment of $150,000.00, the Bank received its Charter on November 25, 1946 and welcomed its first depositors on January 11, 1947, in a three room office at 4329 South Broadway in Los Angeles.
H. A. Howard, an investor and real estate Broker was the first President and managed Bank operations until September of 1949, when leadership of the Bank transitioned to Dr. H. Claude Hudson, an investor, dentist and community leader.
For the next 23 years, Dr. Hudson chaired the Board of Directors and supervised the management and operation of the Bank. Broadway grew quickly and in 1954 acquired a building at 45th and Broadway which was redesigned as a flagship headquarters for the Bank by the noted architect and founding director, Paul R. Williams.
Branch expansion began in 1966 in the Midtown Shopping Center where a state of the art branch, designed by architect and Board member, Paul R. Williams, was built. In 1984, a third branch was added to the Broadway Federal network in the City of Inglewood. After several moves to accommodate Broadway's growth within the Inglewood market, the branch settled into its present facility at the corner of Regent and Market.
In 1972, Dr. Hudson retired as Chairman and the Board selected Dr. Hudson's son, Elbert T. Hudson, a lawyer, long time Board member and community activist to serve as Chairman of the Board and CEO. Elbert Hudson served as CEO until March of 1992. In March of 1992, after a ten year apprenticeship, Paul C. Hudson, (also a lawyer and community activist) was named the bank's Chief Executive Officer.
On April 30, 1992, a fire destroyed Broadway's headquarters during the civil unrest that beset Los Angeles following the Rodney King Verdict. Management immediately announced the Bank's intent to rebuild and renewed it commitment to continue to serve the affected communities within South Central Los Angeles.
In December of 1995, Broadway's members approved the conversion of Broadway from a mutual savings and loan to a stock savings bank. The initial public offering, which was oversubscribed, raised close to $9 million.
With the infusion of additional capital, management implemented a strategy of growing Bank assets. In 1998, management moved into new headquarters with full banking services at 4800 Wilshire Boulevard in the Park Mile section of Mid-Wilshire .Looking to the future, 1999 brought the latest link in the branch chain as we replaced the temporary facility at 45th and Broadway, which had served the Eastside since the fire, with a new concept in banking centers at the corner of Martin Luther King and Figueroa.
From the early days in that three room office, to the current state-of-the-art banking and business center on Figueroa, Broadway remains committed to the ideals upon which it was founded.
In 2007, Elbert T. Hudson retired as Board Chairman and was elected Chairman Emeritus. Paul C. Hudson was selected as Chairman of the Board and Chief Executive Office.
Wayne-Kent A. Bradshaw joined the Broadway Federal Bank as President and Chief Operating Officer in 2009, becoming Chief Executive Officer in 2012. In May 2013, Paul C. Hudson retired from the bank, but continues to serve as a member of the Board.
October 2013 brought the latest move in the Broadway Federal Bank journey. After 50 years the Midtown Branch moved to Mid-Wilshire to join the new Administrative Offices.
Broadway Financial Corporation is the parent holding company of Broadway Federal Bank. Broadway Financial is a publicly traded stock company whose common stock is traded on the NASDAQ over the counter market.