Broadway Federal Bank is headquartered in Los Angeles and is the 107th largest bank in the state of California. It is also the 1,741st largest bank in the nation. It was established in 1947 and as of March of 2016, it had grown to 66 employees at 3 locations. Broadway Federal Bank has an A+ health rating.
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.
|FDIC Certificate #||30306|
|Return on Assets - YTD||0.82%|
|Return on Equity - YTD||6.46%|
|Annual Interest Income||$3.6MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$387.2MM$354.0MM|
|Loans||Q1 2016vs Q1 2015||$319.9MM$292.3MM|
|Deposits||Q1 2016vs Q1 2015||$261.3MM$225.6MM|
|Equity Capital||Q1 2016vs Q1 2015||$50.4MM$41.5MM|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$4.5MM$7.7MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$4.1MM$7.7MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$0$2.5MM|
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.||5055 Wilshire Boulevard, Ste 100||Los Angeles, CA 90036|