Posts Tagged ‘Broadway Federal Bank’

African American churches protest foreclosures by black-run bank

Monday, November 5th, 2012

(Los Angeles Times) A coalition of African American ministers is protesting foreclosures on their churches — byBroadway Federal Bank, a savings bank established in the 1940s to serve Los Angeles' then-segregated black community.

About one-quarter of the money Broadway Federal has lent out has been for mortgages on church properties. In the tough economy, it's become a problematic business for the bank, which regulators have categorized as troubled since 2010.

The bank's annual report for 2011 with the Securities and Exchange Commission said regulators have barred it from making additional church loans. Broadway Federal, which continues to be run by African Americans, said its problems "raise substantial doubt about the company's ability to continue as a going concern."

Full story…

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