Broadway Federal Bank

[4] 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.

This focus addresses the chronic need for affordable housing that exists throughout all of Southern California, especially for those families living within low-to-moderate income communities.

In 2014, a former Broadway Federal Bank loan officer pled guilty in a scheme to receive kickbacks from brokers for processing unqualified church mortgage applications.

[8] Due in part of the losses incurred by the bad loans, the bank received a $15 million loan from the Troubled Asset Relief Program (TARP), which the Treasury Department converted into shares of the bank's stock in 2013, making it the largest single shareholder until 2020.

[8] In February 2020, Steven A. Sugarman, the former CEO of Banc of California, attempted to take over Broadway Federal with an unsolicited bid.

[9] On June 19 (Juneteenth), 2020 due to increased interest and online activism promoting black businesses, the stock price of the bank went up over 300%, to a historic high of $7.23.

[10] Afterwards, Sugarman revealed that he would no longer pursue a buy-out, after selling his entire stake in the bank for an average of $2.59 per share.

[11] On August 26, 2020, Broadway Financial Corp announced it would be combining with CFBanc Corporation, based in Washington, DC in a "transformational merger of equals" which would create the largest Black-led Minority Depository Institution in the US, with over $1B in assets.