November 3, 2012 |
A coalition of African American ministers is protesting foreclosures on their churches -- by Broadway Federal Bank , a savings bank established in the 1940s to serve Los Angeles' then-segregated black community. About one-quarter of the money Broadway Federal has lent out has been for mortgages on church properties. In the tough economy, it's become a problematic business for the bank, which regulators have categorized as troubled since 2010. The bank's annual report for 2011 with the Securities and Exchange Commission said regulators have barred it from making additional church loans.
August 20, 1997 |
Seeking to expand in the inner city, the Automobile Club of Southern California has opened its new Travel & Insurance Centers in the lobbies of two community banks in Los Angeles, Founders National Bank and Broadway Federal Bank. Each of the centers will be staffed by three Auto Club employees, who will sign up new members and help existing members with travel reservations and insurance quotes. Thomas McKernan Jr.
September 14, 2011 |
Broadway Federal Bank, the oldest black-owned thrift institution west of the Mississippi, is closing two of its five branches and trying to raise $10 million in new capital to shore up the company as the economy continues to sputter. The bank's parent, Broadway Financial Corp., will close its Wilshire Boulevard and Leimert Park branches, its least busy retail offices, on Nov. 7. The bank, founded in 1946 in South Los Angeles by a group of prominent African Americans, has focused on urban neighborhoods with large minority populations.
June 6, 1998
* Avon Products Inc., the world's biggest seller of perfumes and cosmetics directly to consumers, won permission from China to resume sales--though only through retail stores--following a recent ban. China banned all direct sellers on April 21 on concern about the growing number of fraudulent companies. New York-based Avon will be allowed as of June 15 to wholesale its merchandise to retail stores. The company also plans to convert its 75 branches into retail stores.
August 17, 1997
The Automobile Club of Southern California has parked itself in two Los Angeles banks, opening satellite service centers at Broadway Federal Bank, 4835 Venice Blvd., and Founders National Bank, 4143 Crenshaw Blvd. At the centers, each staffed by three people, club members can access most AAA insurance and travel-agency services. However, vehicle registration and other DMV services are not available, nor are most maps, a spokesman said.
January 16, 1994 |
In an effort to rid South-Central and East Los Angeles of home-equity scam artists and to help homeowners who have fallen prey to them, the City Council has approved a pilot loan program that will go into effect by Jan. 31.