Broadway Financial Corporation Announces Termination of the Order to Cease and Desist
February 09 2016 - 2:00PM
Business Wire
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160209006501/en/
Broadway Financial CorporationWayne-Kent A. Bradshaw, Chief
Executive Officer, (323) 556-3248Brenda J. Battey, Chief Financial
Officer, (323)
556-3264investor.relations@broadwayfederalbank.com
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