Broadway Federal Bank Rates & Review

Broadway Federal Bank Review

Broadway Federal Bank, a full-service community bank with branches in Los Angeles and Inglewood, California, states that its mission is to serve the real estate, business and financial needs of customers in underserved urban communities.

In 1946, the founders of Broadway Federal Savings and Loan Association started the bank in response to the need for conventional loan products for minority consumers. Today, the bank manages more than 13,000 accounts with over 87 employees. As of 2010, total assets are $521 million and the Bank capital is $33.2 million.

The bank's employees have expanded their community commitment beyond banking functions with the bank's commitment to employ, train and mentor community residents, to contract for services with community businesses, and to encourage its management and staff to serve as volunteers.

Broadway Federal Bank holds an A rating from the Better Business Bureau and a four-star out of five rating from Bauer Financial in 2010. The Office of Thrift Supervision gave Broadway Federal Bank an "outstanding" rating for their Community Reinvestment Act efforts.

Financial services and products

Customers of Broadway Federal Bank can open a checking account, a savings account, a money market account or a certificate of deposit (CD) online or in person at one of the bank's branch locations. All deposit accounts are FDIC-insured.

The bank offers a wide variety of choices for checking and savings accounts, including a money market account. A Youth Savings Program encourages children to establish good financial habits.

Broadway Federal Bank also offers business banking services and home loans. The bank provides online banking services so that customers have constant access to their bank statements and can transfer funds.