Broadway Federal Bank in Los Angeles is set to receive a $750,000 award from the Treasury Department for its work in low- to moderate-income communities.
The $530 million-asset unit of Broadway Financial Corp. announced the financial assistance award from the Community Development Financial Institutions Fund on Monday, saying it was the first time it had received the award.
In a press release, Paul C. Hudson, Broadway's chairman and chief executive, said the money would go toward further supporting its mission and supporting its financial strength.
Broadway disclosed in a press release earlier this month that the Office of Thrift Supervision has deemed its thrift to be "in troubled condition."
The company said it is negotiating a consent order with the OTS for its thrift that would call for elevated capital ratios.
The thrift was considered well capitalized at June 30, with a leverage ratio of 7.68% and a total risk-based capital ratio of 12%.