UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 9, 2012
BROADWAY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 000-27464 | 95-4547287 | ||
| (State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
| 4800 Wilshire Boulevard, Los Angeles, California |
90010 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (323) 634-1700
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective July 9, 2012, Mr. Wilbur McKesson, Chief Loan Officer of Broadway Federal Bank (“Bank”), the principal subsidiary of Broadway Financial Corporation (the “Company”), will assume the position of Loan Production Lead and will report to Mr. Norman Bellefeuille, the Bank’s new Chief Loan Officer.
| Item 8.01 | Other Events |
On June 5, 2012, the Bank completed the sale of its headquarters building, located at 4800 Wilshire Boulevard Los Angeles, CA 90010, to the Lebanese American Foundation, Inc. a California non-profit public benefit corporation, for a purchase price of $4.5 million. The sale agreement included a lease-back provision to the Bank for a six-month lease term at a monthly rent of $25,000.
The Company announced in a press release dated July 16, 2012 that Mr. Norman Bellefeuille has been appointed as Chief Loan Officer of the Bank effective July 9, 2012. He will not have a fixed term of office and will serve at the pleasure of the board of directors. Mr. Bellefeuille is a thirty-five year banking industry veteran, specializing in lending and real estate. Prior to joining the Bank, Mr. Bellefeuille served as the Lending Division Manager at Luther Burbank Savings. His prior experience includes service as Multifamily Lending Manager at CalNational Bank and Chief Lending Officer at OneUnited Bank and Family Savings Bank.
| Item 9.01 | Financial Statements and Exhibits |
| (c) | Exhibits |
| 99.1 | Press Release, dated July 16, 2012, announcing Mr. Norman Bellefeuille’s appointment as Chief Loan Officer of the Bank. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BROADWAY FINANCIAL CORPORATION | ||||||
| (Registrant) | ||||||
| Date: July 18, 2012 | By | /s/ Sam Sarpong | ||||
| Sam Sarpong | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
News Release
| FOR IMMEDIATE RELEASE | Contact: | Wayne Bradshaw,CEO | ||
| Media Inquiries: | ||||
| Tanya Victor | ||||
| 323.556.3259 | ||||
| www.broadwayfederalbank.com |
BROADWAY FEDERAL BANK APPOINTS
NORMAN BELLEFEUILLE CHIEF LOAN OFFICER
LOS ANGELES, CA –July 16, 2012—Broadway Financial Corporation (“Company”) (NASDAQ Small Cap: BYFC), the holding company of Broadway Federal Bank, f.s.b. (“Bank” or “Broadway”), today announced that it has appointed Norman (Sandy) Bellefeuille as the Company’s Chief Loan Officer (CLO) of the Bank.
Wayne-Kent Bradshaw, President and CEO, said, “Sandy Bellefeuille brings extensive commercial real estate lending and loan work-out experience. His tenure as CLO for Redlands Federal and Family Savings Bank, along with his recent Luther Burbank wholesale experience, makes him ideal for both the competitive and community-focused needs that are essential for the success of Broadway.”
Bellefeuille is a thirty-five year banking industry veteran, specializing in lending and real estate. He has managed diversified, small and large loan portfolios through both economic expansions and recessions. With a commitment to technology and efficiency, he is a profit oriented manager recognized for his ability to successfully create and implement new products and efficient delivery systems. Bellefeuille has effected significant reductions in operating expenses and loan delinquency, while increasing loan productivity.
Bellefeuille has been active in the community, including the American Heart Association, the Redlands Board of Realtors, Los Cabos Association of Realtors, Redlands Chamber of Commerce, Rotary Club of Redlands, Redlands YMCA, and the Redlands Area United Way.
About Broadway Financial Corporation
Broadway Federal Bank is a 65-year-old community oriented savings bank, which primarily originates residential and commercial mortgage loans in the greater Los Angeles area. The Bank operates three full service branches, two in the city of Los Angeles, and one in the nearby city of Inglewood, California. Shareholders, analysts and others seeking information about the Company or the Bank are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd, Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com.
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