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Banking & Finance

BRIEFLY

January 09, 1996|Times Staff and Wire Reports

Broadway Federal Raises Nearly $8.9 Million in Stock Sale: Broadway Federal Savings & Loan Assn. said its first public offering, in which the thrift sold 892,688 shares at $10 per share through its holding company Broadway Financial Corp., is believed to be the first by a black-owned business based in South-Central Los Angeles. "Public ownership of a community-based institution is a historic event within the South-Central Los Angeles community," said Paul C. Hudson, Broadway Federal president and chief executive. Broadway Federal was chartered in 1946 and is the oldest black-owned thrift west of the Mississippi. It has three branch offices and a loan center serving South-Central and Inglewood. Its assets were $105 million as of Sept. 30.

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