Broadway Federal Bank

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. 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.