Broadway Federal Bank
Encyclopedia
The Broadway Federal Bank is a community bank founded in 1946 and based in Los Angeles
. As of 2010, it owned and operated five branches.
area, who were not being serviced by any of the existing financial institutions.
The bank received its charter on November 26, 1946 with an initial investment of $150,000. It opened for business in a three room office on 4329 South Broadway on January 11, 1947.
Real estate broker and investor H. A. Howard served as the first president of the company until September 1949, when Dr. H. Claude Hudson
, investor, community activist and dentist took over leadership. The savings and loan grew rapidly under Chairman of the Board Hudson’s supervision. In 1954, Broadway Federal acquired a larger building at Broadway and 45th Street, which was redesigned by renowned architect Paul Williams
, who was also a founding board member.
Broadway Federal grew to become the second largest black-owned bank in the United States. In 1966, its branch expansion began with a location in the Mid-Town area of Los Angeles. This branch was also designed by Paul Williams.
In 1972, Dr. Hudson retired from active management of Broadway Federal and his son, Elbert T. Hudson, an attorney, community activist and long-time board member was selected as board chairman and CEO. Elbert T. Hudson served as CEO until March 1992, when his son, Paul C. Hudson, also an attorney and community activist took over.
Shortly after Paul C. Hudson’s appointment as CEO, a fire destroyed Broadway Federal’s main branch during the civil unrest
that occurred in the wake of Rodney King
beating trial verdict. Despite this setback, management reaffirmed its commitment to the community.
In December 1995, Broadway began its conversion from a mutual savings and loan to a stock savings bank. The IPO
raised close to $9 million. Broadway Financial Corporation is the parent holding company
of what is now known as Broadway Federal Bank. Broadway Financial is publicly traded on the NASDAQ
over the counter market as (symbol: BYFC).
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
. As of 2010, it owned and operated five branches.
History
In 1946, Broadway Federal Savings and Loan Association was founded by a group of civic minded people to provide bank services to minorities in the greater Los AngelesLos Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
area, who were not being serviced by any of the existing financial institutions.
The bank received its charter on November 26, 1946 with an initial investment of $150,000. It opened for business in a three room office on 4329 South Broadway on January 11, 1947.
Real estate broker and investor H. A. Howard served as the first president of the company until September 1949, when Dr. H. Claude Hudson
H. Claude Hudson
H. Claude Hudson was a prominent businessman and advocate for civil rights, best known for helping to found the Broadway Federal Savings and Loan Association in Los Angeles.-Biography:...
, investor, community activist and dentist took over leadership. The savings and loan grew rapidly under Chairman of the Board Hudson’s supervision. In 1954, Broadway Federal acquired a larger building at Broadway and 45th Street, which was redesigned by renowned architect Paul Williams
Paul Williams (architect)
Paul Revere Williams, FAIA was a Los Angeles-based, American architect. He practiced largely in Southern California and designed the homes of numerous stars including Frank Sinatra, Lucille Ball/Desi Arnaz, Lon Chaney, and Charles Correll...
, who was also a founding board member.
Broadway Federal grew to become the second largest black-owned bank in the United States. In 1966, its branch expansion began with a location in the Mid-Town area of Los Angeles. This branch was also designed by Paul Williams.
In 1972, Dr. Hudson retired from active management of Broadway Federal and his son, Elbert T. Hudson, an attorney, community activist and long-time board member was selected as board chairman and CEO. Elbert T. Hudson served as CEO until March 1992, when his son, Paul C. Hudson, also an attorney and community activist took over.
Shortly after Paul C. Hudson’s appointment as CEO, a fire destroyed Broadway Federal’s main branch during the civil unrest
1992 Los Angeles riots
The 1992 Los Angeles Riots or South Central Riots, also known as the 1992 Los Angeles Civil Unrest were sparked on April 29, 1992, when a jury acquitted three white and one hispanic Los Angeles Police Department officers accused in the videotaped beating of black motorist Rodney King following a...
that occurred in the wake of Rodney King
Rodney King
Rodney Glen King is an American best known for his involvement in a police brutality case involving the Los Angeles Police Department on March 3, 1991...
beating trial verdict. Despite this setback, management reaffirmed its commitment to the community.
In December 1995, Broadway began its conversion from a mutual savings and loan to a stock savings bank. The IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
raised close to $9 million. Broadway Financial Corporation is the parent holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
of what is now known as Broadway Federal Bank. Broadway Financial is publicly traded on the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
over the counter market as (symbol: BYFC).