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Top Black-Owned Publicly Traded Companies: Broadway Financial Corporation

February 28, 2018 Leave a comment
Paul Williams - Broadway Financial

Paul Williams, a famous Hollywood Architect, was a founding member of Broadway Financial Corporation

 

Broadway Financial Corporation 

Broadway Financial Corporation, specifically known as Broadway Federal Bank is based out of Los Angeles, California with three branches including an Inglewood Branch, a Mid-Wilshire branch, and an Exposition Park branch. The financial institution’s original name was Broadway Federal Savings and Loan Association.

Naturally, the bank traces its roots to the Pre-Civil Rights era when minorities were ignored or financially taken advantage of by Main Street banks. It was founded in 1946 by three African-American pioneers; Dr. H Claude Hudson, a Dentist and community leader, Paul Williams, a legendary architect, and H.A. Howard, a real estate broker.

In December of 1995, the bank was converted from a federally chartered mutual savings association into a federally chartered stock savings bank. The newly formed corporation began trading on the official Nasdaq Stock Market Index under the ticker symbol “BYFC” with an IPO of $5.00 on January 12, 1996.

Broadway Financial Corp is currently managed by CEO Wayne Kent A. Bradshaw and focuses on low-moderate income communities with a particular focus on lending for multi-family affordable housing.

$BYFC currently trades on the Robinhood mobile application for free. Today, and as of this writing, the price per stock has been trading between a low of $1.97 and a high of $2.14 in a volatile day of trading.

Website

https://www.broadwayfederalbank.com/

Nasdaq Profile

https://www.nasdaq.com/symbol/byfc

Broadway Federal bank

Buy black and bank black are slogans used to motivate and drive African-Americans to patronize black businesses. Money, or more specifically the allocation of one’s wealth and income, is sometimes used as a form of protest against racial prejudice and discrimination. But now, money can be used as empowerment with no specific political cause.

Publicly traded corporations have grown to exponential levels never seen before with Apple having the largest market capitalization of all with $910 billion. If Apple’s stock price rises to the widely estimated $200 mark it will have a market capitalization of $1 trillion.

With this amount of money getting pumped into the stock market I first asked myself which stocks are “African-American friendly” in that they either serve a black community or empower black top-level executives. I could only think of two; Live Nation ($LVY) and Wing Stop ($WING). Of course, I quickly obtained long positions in each.

Eventually, I dug deeper after stumbling upon some money to invest. I thought “Could there be any black-owned stocks out there?”

You might be thinking “Aren’t stocks owned by the public? How could a stock be black-owned?” and you wouldn’t be wrong. To be specific, when I say black-owned stocks I mean companies that were either created by African-Americans, majority owned by African-Americans, largely employed by African-Americans or something along those lines. This exercise in buying black is not about being picky.

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