BROADWAY FINANCIAL CORPORATION (NASDAQ:BYFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Broadway Financial Corporation (the “Company”) appointed Mr.Jack T. Thompson to the Board of Directors of the Company and its wholly owned subsidiary, Broadway Federal Bank, f.s.b., effective January23, 2019. This appointment increases the membership of the Board of Directors from seven to eight. Mr.Thompson will serve on the Compensation, Corporate Governance, and Risk/Compliance Committees of the Board.
Mr.Thompson provides the Board with important experience and insight into the financial services industry. Mr.Thompson is the nominee of CJA Private Equity Financial Restructuring Master Fund I, L.P. (“CJA”), an institutional stockholder that recently elected to exercise its right to nominate a candidate to the Board of Directors of the Company. In connection with CJA’s purchase of our capital stock in 2013, we agreed to use our reasonable best efforts to cause one person nominated by CJA to be elected to serve on our Board of Directors so long as it, together with its affiliates, beneficially owns at least four percent (4%) of our total outstanding capital stock. Mr.Thompson became a director on January23, 2018 to fill a Board vacancy.
About BROADWAY FINANCIAL CORPORATION (NASDAQ:BYFC)
Broadway Financial Corporation is a savings and loan holding company. The Company is engaged in the savings and loan business through its subsidiary, Broadway Federal Bank, f.s.b. (the Bank). The Bank is a community-oriented savings institution. The Bank’s business consists of deposits from the general public and using such deposits, together with borrowings and other funds, to make mortgage loans secured by residential properties with over five or more units (multi-family); commercial real estate, and residential properties with one-to four-units (single family). Its loan portfolio consists of mortgage loans, which are secured by single family residential properties; multi-family properties, and commercial real estate, including churches. Its deposits consist of passbook savings accounts, checking accounts, negotiable order of withdrawal (NOW) accounts, money market accounts and fixed-term certificates of deposit.
