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Reviews (3)

24 Month Rate

I was offered 1.25% for their 24 month CD when I phoned 6/15/12.

Opened A Two Year CD Online.

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.

Broadway Federal Bank Review

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. 



Health

Data for Q2 2014

Institution Health

B

Texas Ratio

GRADE:
C

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 June 30, 2014 Broadway Federal Bank had $14.21 million in non-current loans and owned real-estate with $45.22 million in equity and loan loss allowances on hand to cover it. This gives Broadway Federal Bank a Texas Ratio of 31.42% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Broadway Federal Bank decreased dramatically from 56.71% as of June 30, 2013 to 31.42% as of June 30, 2014, resulting in a positive change of 44.60%.This indicates that the balance sheet and financial strength for Broadway Federal Bank has improved dramatically in recent periods.

Deposit Growth

GRADE:
D

In the past year, Broadway Federal Bank has decreased its total deposits by -$13.74 million, resulting in -5.95% 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 below average.

Capitalization

GRADE:
A+

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 $334.63 million in assets with $45.22 million in equity, resulting in a capitalization level of 13.51%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #30306
Year Established1947
Employees71
Primary RegulatorOCC
Assets and Liabilities
Assets$334.63 million
Loans$264.97 million
Deposits$217.08 million
Equity Capital$35.84 million
Loan Loss Allowance$9.38 million
Unbacked Noncurrent Loans$12.89 million
Real Estate Owned$1.32 million
Historic Data - June 2013
Assets$345.48 million
Equity Capital$32.93 million
Loan Loss Allowance$10.58 million
Unbacked Noncurrent Loans$12.89 million
Real Estate Owned$6.23 million
Profit Margin - Quarterly
Return on Assets0.98%
Return on Equity9.28%
Interest Income$7.67 million
Rates

Sorry, we do not have rate data for Broadway Federal Bank

Locations


Broadway Federal Bank Locations
170 North Market Street Branch170 North Market StreetInglewood, CA 90301
South Figueroa Street Branch4001 South Figueroa StreetLos Angeles, CA 90037
Broadway Federal Bank, F.S.B.4835 Venice BoulevardLos Angeles, CA 90019
4838 West Venice Blvd Branch4838 W. Venice BlvdLos Angeles, CA 90019