Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market:
BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”, and
collectively with the Company, “Broadway”), today reported that the
Company’s primary regulator, the Federal Reserve Bank of San Francisco,
upon authorization from the Federal Reserve Board of Governors
(collectively, the “FRB”), has terminated the Order to Cease and Desist
(the “C&D”) applicable to the Company. This decision follows a
regulatory review of the Company by the staff of the FRB and the
termination of the Consent Order applicable to the Bank by the Office of
the Comptroller of the Currency (“OCC”) in November 2015. The C&D was
entered into by the Company with the FRB’s predecessor regulatory
organization in September 2010.
Chief Executive Officer, Wayne Bradshaw commented, “This decision by the
FRB, along with the OCC’s decision in November, officially recognize
that Broadway has re-established its position as a safe and sound
financial institution. In addition, these decisions tacitly acknowledge
the success that our team has achieved in generating profits,
eliminating problem assets, re-building a quality loan portfolio, and
strengthening our capital structure.
“Looking forward, we are committed to building stockholder value by
remaining focused on profitability and expanding our position as a
leading lender for multi-family residential properties in Southern
California, particularly properties within our core market of
low-to-moderate income communities. We believe that the removal of the
regulatory orders will help us focus on growing our loan portfolio,
which should improve our ability to increase net interest income, and
enhance our efficiency.
“I wish to acknowledge the dedication, commitment to excellence, and
perseverance of our employees whose efforts are responsible for this
decision by the FRB, and to the patience of our stockholders who have
supported us throughout the long process of re-establishing Broadway as
a safe and sound financial institution.”
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.
Shareholders, 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, risks associated with the Company’s efforts to
implement new digital platforms for our customers, 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
10-K/A 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.
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