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.
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.
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.
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.
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.
October 8, 2013 |
Five years after Washington bailed out more than 700 banks, the money has become a burden for more than 100 community banks that can't seem to repay it. About a dozen of those are in California, and they are facing increasing pressure as the federal government looks to close out the Troubled Asset Relief Program, or TARP. The banks will soon face a big increase in the annual dividend they must pay the government on its investment - to 9% from 5%. Some of the banks will have to sell out or bring in new shareholders - who might demand control of the institution in exchange for the cash infusion.