Broadway Federal Bank is headquartered in Los Angeles and is the 117st largest bank in the state of California. It is also the 1,964th largest bank in the nation. It was established in 1947 and as of March of 2014, it had grown to 67 employees at 4 locations. Broadway Federal Bank has a C+ health rating.
I was offered 1.25% for their 24 month CD when I phoned 6/15/12.
Opened a two-year CD online on 05/31/2010, at 2.51%. I sent them a check on 06/08/2010 and it was received by 06/10/2010, but the rates dropped to 2%, then to 1.5% in the meantime for the two-year CD. I was concerned about this, but since they guaranteed the rate to me, everything work out fine. They answered the phone each time I called, which was two phone calls, and answered after 4-5 rings. The customer service representative informed me that my rate at the time of opening the account was good for thirty days, which I got in writing, both in e-mail and regular mail. I informed the service representative that I would write a positive review, because everything went great. Of course, I appreciate the updates that this website has for the best rates at banks and credit unions.
I had a poor experience with this outfit last week. Their 3.56% 6-year CD attracted my attention so I called their LA office last Monday (6/710). By the way, their phone system is just plain horrible as it takes several options to finally get a live person. When I finally do get a person, whose name I'll omit, she states that the rate was still in effect. I tell her that's great and I'll get my check and application (printed from their website) in the mail immediately by priority mail. I do so and it's postmarked that very day. Two days later I get a call back from the same rep saying that the rate has dropped over a full percentage point. Obviously I no longer want the CD, but I inquire why I shouldn't get the promo due to the postmark on my application. She had no good answer. Long story short: This bank wasted my time and is not user friendly.
PS Depositaccounts.com needs to remove Broadway Federal from the 6+ year CD offers. The 3.56% yield is no longer available as of 6/8/10.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Broadway Federal Bank had $15.63 million in non-current loans and owned real-estate with $45.55 million in equity and loan loss allowances on hand to cover it. This gives Broadway Federal Bank a Texas Ratio of 34.31% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Broadway Federal Bank decreased dramatically from 82.74% as of March 31, 2013 to 34.31% as of March 31, 2014, resulting in a positive change of 58.53%.This indicates that the balance sheet and financial strength for Broadway Federal Bank has improved dramatically in recent periods.
In the past year, Broadway Federal Bank has decreased its total deposits by -$37.1 million, resulting in -14.93% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Broadway Federal Bank has shown is poor.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Broadway Federal Bank has $335.05 million in assets with $45.55 million in equity, resulting in a capitalization level of 13.59%, which is excellent.
|FDIC Certificate #||30306|
|Assets and Liabilities|
|Equity Capital||$35.46 million|
|Loan Loss Allowance||$10.09 million|
|Unbacked Noncurrent Loans||$13.15 million|
|Real Estate Owned||$2.48 million|
|Historic Data - March 2013|
|Equity Capital||$32.99 million|
|Loan Loss Allowance||$10.45 million|
|Unbacked Noncurrent Loans||$13.15 million|
|Real Estate Owned||$9.29 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.64%|
|Return on Assets||1.6%|
|Return on Equity||15.39%|
|Interest Income||$3.80 million|
Sorry, we do not have rate data for Broadway Federal Bank
|Broadway Federal Bank Locations|
|170 North Market Street Branch||170 North Market Street||Inglewood, CA 90301|
|South Figueroa Street Branch||4001 South Figueroa Street||Los Angeles, CA 90037|
|Broadway Federal Bank, F.S.B.||4835 Venice Boulevard||Los Angeles, CA 90019|
|4838 West Venice Blvd Branch||4838 W. Venice Blvd||Los Angeles, CA 90019|