Broadway Federal Bank will soon close its Wilshire Boulevard and Leimert Park branches as part of “a broad recapitalization plan,” according to a statement released by its parent company, Broadway Financial Corp.
“The recapitalization will strengthen the bank’s capital base and lower fixed cost, which in turn will position the company for future growth and improved profitability,” said Paul C. Hudson, chairman and CEO.
The two branches, which are the least busy of its five retail offices, are set to end operation on Nov. 7.