"Broadway Federal Bank"(November 25,1946)

Was created as a mutual savings and loan by a group of civi-minded people interested in creating a financial institution that would serve the economic needs of African Americans living in Los Angeles after World War II.With an opening capitalization of $ 15o,000,the bank's founder opened Broadway's doors to welcome the first savers on January 11,1947.H.A. Howard,a real estate broker and investor,was the first manager.The original Bank building consisted of a three room office at 4329 South Broadway.In 1949,Dr.Claude Hudson,a dentist and community leader  became chair of the board of directors and supervised the management of the bank for the next 23 years.In April of 1972,leadership of Broadway was passed to Dr.Hudson's son,Elbert Hudson,10 years after Broadway's board elected Paul Hudson as president and chief executive officer.Elbert continues to chair the board and the executive committee of the board.In 1954,Broadway acquired a building from Woolworth's department store,and hired an architect and fellow board member,Paul R.Williams,to resdesign the building.In 1955,BFB moved into the building at 4501 South Broadway.Branch expansion began in January of 1967,currently,Broadway operates four full service-banking facilities,three in the City of Los Angeles and one in the city of Inglewood with assets in excess of $175 million.Broady's mission is to serve the credit and depository needs of the communities in which its branches are located.It has also maintained a broader commitment to employ,train,and mentor community residents,to contract for services with community businesses,to volunteer civic and community leadership,and to provide contributions of money and meeting space to community and religious organizations.The bank's community orientation has been greatly influenced by its long standing partnership with community churches.In 1998,Broadway received the coveted Social Compact Award for its innovative community development partnership with the Inglewood Neighborhood Housing Services.It was recognized again in 1999 when it was the recipient of the Federal Home Loan Bank of San Francisco's Community Partnership Award.