Bank finds marketplace entry through WNBA: Broadway Federal announces sponsorship of L.A. Sparks.

Financial institutions have long sought to distinguish themselves by targeting specialized markets, ranging from ethnic groups, to geographic regions, to industries.

Broadway Federal Bank, the subsidiary of Los Angeles-based holding company Broadway Financial Corp., has its sights set on sports teams.

In December, it helped bankroll the purchase of the L.A. Sparks from L.A. Lakers owner Jerry Buss by a group of investors lead by attorneys Kathy Goodman and Carla Christofferson.

And last week, Broadway Federal became the first minority bank to become a top sponsor of a WNBA team when it announced its sponsorship of the Sparks. As part of the deal, the bank is getting 100 free tickets to each home game, signage in the stadium and recognition in print, radio and television.

More importantly, the deal is expected to help the bank fulfill its ambitions of being a primary lender to the Sparks, other WNBA teams and sports organizations outside women's basketball.

"This deal allows us to access the community from a sports angle instead of a traditional business angle," said Chairman and Chief Executive Paul Hudson. "Sports like professional women's basketball allow us entry into the marketplace."

The bank is making its move as the WNBA changes its ownership structure. The teams were originally owned by their NBA counterparts in their home cities, but the NBA teams have been given permission to sell the WNBA franchises to independent owners now that the 10-year-old league has established itself.

The bank is also making an aggressive move into Major League Soccer, which is expected to grow as new cities are awarded franchises and MLS co-founder AEG, the Los Angeles sports and entertainment company that owns the L.A. Galaxy and other MLS teams, sells off franchises. Last year, the bank got its start in sports financing by making a loan to L.A's Chivas USA.

The bank has bolstered its management in sports lending by hiring F. Glenn Harvey as chief operating officer. Harvey joined the bank last year after serving as senior vice president for Comerica Bank's Entertainment Group Division in Beverly Hills where he was responsible for building one of the largest professional sports banking and finance groups in the country. He worked with numerous professional teams including the Los Angeles Dodgers, Golden State Warriors, Oakland Athletics and Minnesota Vikings.

Founded in 1946, Broadway Federal has assets totaling $305 million and 68 employees. It has four branches in the L.A. area.