Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market:
BYFC), announced that on Thursday September 18th, its
wholly-owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank”),
received a Bank Enterprise Award (“BEA”) of $355,000 for providing
Affordable Housing Development Loans and Project Investments and Service
Activities in California. This award was part of the fiscal year 2014
BEA Program offered by the U.S. Department of the Treasury’s Community
Development Financial Institutions Fund (“CDFI Fund”).
The Bank was one of 69 FDIC-insured depository institutions that
received awards under the fiscal year 2014 BEA Program, which awarded a
total of nearly $17.9 million to support the selected depositary
institutions in their efforts to serve economically distressed
communities across the nation. Recipients of the awards are required to
invest their awards in eligible activities, such as affordable housing
projects, small business loans and commercial real estate projects, in
distressed communities. The activities that qualify a potential
recipient for an award under the BEA Program occur in census tracts
where at least 30 percent of the population lives at or below the
national poverty level and where the unemployment rate is 1.5 times
above the national average. Awards granted were selected after a
comprehensive review of 98 applications received by the CDFI Fund from
FDIC-insured depository institutions across the nation.
Chief Executive Officer, Wayne Bradshaw, stated, “We are honored to be
selected again as a recipient under the BEA Program, which recognizes
Broadway’s long standing commitment to serving low-to-moderate income
communities in Southern California. The award will provide valuable
support for advancing our mission by strengthening our earnings and
capital base, and will further our efforts to build our loan portfolio,
particularly in loans secured by multi-family properties, and increase
our other community development activities.”
The award will be included in non-interest income in the quarter in
which the actual award proceeds are received. In the first quarter of
2014 the Company reported an award of approximately $200 thousand that
the Company received under the fiscal year 2013 BEA Program.
About the BEA Program
The Bank Enterprise Award Program (BEA Program) rewards FDIC-insured
depository institutions for making investments in the most distressed
communities in the country, as well as in certified CDFIs. In order to
receive an award, depository institutions must successfully demonstrate
an increase in their investments in census tracts where at least 30
percent of the population lives at or below the national poverty level
and where the unemployment rate is 1.5 times above the national average.
The BEA Program awards also help depository institutions offset some of
their risk associated with investing in these distressed communities and
provide an incentive to invest. The greater the loan increase, the
greater the potential award. Since its inception in 1994, the BEA
Program has awarded grants totaling approximately $411 million.
For more information about the BEA Program, please visit the CDFI Fund’s
website at www.cdfifund.gov/bea.
About the CDFI Fund
The CDFI Fund was created to promote economic and community development
by empowering America’s underserved and distressed communities. Since
its creation in 1994, the CDFI Fund has awarded more than $2.0 billion
to CDFIs, community development organizations, and financial
institutions through the CDFI Program, the Financial Education and
Counseling Pilot Program, and the Native America CDFI Assistance
Program. In addition, the CDFI Fund has allocated $40 billion in tax
credit allocation authority to Community Development Entities through
the New Markets Tax Credit Program, and $325 million has been guaranteed
in bonds through the CDFI Bond Guarantee Program. By increasing funding
to CDFIs that specialize in providing affordable credit, the CDFI Fund
helps build businesses, create jobs, and revitalize neighborhoods.
For more information about the CDFI Fund, visit the CDFI Fund’s website
at www.cdfifund.gov.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through its
wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which 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
three full service branches, two in the city of Los Angeles, and one
located in the nearby city of Inglewood, California.
Stockholders, analysts and others seeking information about the Company
are invited to write to: Broadway Financial Corporation, Investor
Relations, 5055 Wilshire Blvd., Suite 500, Los Angeles, CA 90036, or
visit our website at www.broadwayfederalbank.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based upon our management’s current
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. The Company undertakes no obligation to revise any forward-looking
statement to reflect any future events or circumstances, except to the
extent required by law.
Copyright Business Wire 2014