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Broadway Federal Bank

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BUSINESS
June 5, 1997 | (Nancy Rivera Brooks)
Los Angeles-based Broadway Federal Bank, the oldest black-owned thrift institution west of the Mississippi, said it will open a banking center in the lobby of an outlet of Los Angeles-based Nix Check Cashing, one of California's largest check-cashing chains. Broadway Federal Banking Center is expected to open by July 1 at 3555 W. Slauson in South Los Angeles and will offer an ATM, a night depository and personnel to provide banking services such as new accounts and real estate loan applications.
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BUSINESS
November 3, 2012 | By E. Scott Reckard
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.
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CALIFORNIA | LOCAL
February 13, 1998
Allstate Insurance Co. will make a $3.5-million loan to Broadway Federal Bank that will be used to provide low-interest home improvement loans for Crenshaw-area residents, officials said Thursday. The loan is part of an overall $5.75-million commitment by Allstate to foster neighborhood revitalization, home improvement and safety and youth programs for the community's residents, officials said during the announcement at the Regency West Ballroom in the Crenshaw district.
BUSINESS
September 14, 2011 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
August 20, 1997 | DON LEE, TIMES STAFF WRITER
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.
BUSINESS
November 3, 2012 | By E. Scott Reckard
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.
BUSINESS
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.
BUSINESS
September 14, 2011 | By E. Scott Reckard, Los Angeles Times
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.
TRAVEL
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.
NEWS
January 16, 1994 | LUCILLE RENWICK, TIMES STAFF WRITER
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.
BUSINESS
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.
CALIFORNIA | LOCAL
February 13, 1998
Allstate Insurance Co. will make a $3.5-million loan to Broadway Federal Bank that will be used to provide low-interest home improvement loans for Crenshaw-area residents, officials said Thursday. The loan is part of an overall $5.75-million commitment by Allstate to foster neighborhood revitalization, home improvement and safety and youth programs for the community's residents, officials said during the announcement at the Regency West Ballroom in the Crenshaw district.
BUSINESS
August 20, 1997 | DON LEE, TIMES STAFF WRITER
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.
BUSINESS
June 5, 1997 | (Nancy Rivera Brooks)
Los Angeles-based Broadway Federal Bank, the oldest black-owned thrift institution west of the Mississippi, said it will open a banking center in the lobby of an outlet of Los Angeles-based Nix Check Cashing, one of California's largest check-cashing chains. Broadway Federal Banking Center is expected to open by July 1 at 3555 W. Slauson in South Los Angeles and will offer an ATM, a night depository and personnel to provide banking services such as new accounts and real estate loan applications.
CALIFORNIA | LOCAL
May 16, 1997
An Inglewood program that rehabilitates homes and provides financing to low- and moderate-income families buying their first home has won a national award that recognizes community investment projects. Inglewood Neighborhood Housing Services, a nonprofit organization funded by the city and Broadway Federal Savings Bank, was selected from more than 12,000 programs nationally for the 1997 Social Compact Outstanding Investment Award.
CALIFORNIA | LOCAL
January 12, 1994
The Los Angeles City Council on Tuesday unanimously approved establishment of a $250,000 loan fund to aid homeowners threatened with the loss of their homes because of equity fraud scams. Loans expected to average $5,000 will be made to low-income homeowners who unwittingly placed title to their property in jeopardy to obtain credit.
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