Broadway Federal Bank Announces New Wealth Management Division; Wayne Standback Named Head of Wealth Management Group.

LOS ANGELES -- Broadway Federal Bank, a wholly owned subsidiary of Broadway Financial Corporation (NASDAQ:BYFC), today announced that it has launched its Wealth Management Group. The company has also appointed Wayne Standback Director of the Wealth Management Group.

"This is an exciting new external platform for the Broadway Brand. I am confident the Wealth Management Group will successfully extend our Broadway brand and product offerings beyond our existing branch network making it easier for many of our constituents to now bank with Broadway," said F. Glenn Harvey, President and COO. "We are very lucky to have Wayne Standback lead this effort as the Director of the Wealth Management Group. Wayne brings over 20 years of tier-one large bank experience to this task. Wayne has demonstrated his dedication to Broadway's mission and a strong work ethic as the previous successful manager of our Inglewood Branch."

The creation of the Wealth Management Group represents the bank's first formalized external marketing effort focused on deposit products. The members of this new external marketing team were selected internally. The Wealth Management team will be primarily responsible for introducing the banks deposit product offerings to potential new clients, as well as re-introducing the venerable brand and its new deposit product offerings to Broadway legacy clients including the Church, Latino, Small Business, and Private Banking market segments.

Broadway's Wealth Management officers will provide door to door concierge level service to their clients. These officers have all been cross-trained in Loan Products and have been teamed up with a Broadway Banker colleague in the Loan Products Group to facilitate the borrowing and other solutions-based banking service needs of Wealth Management clients.

"The Wealth Management Group is an extension of our core philosophy of providing Broadway's customers with superior service," said Paul C. Hudson, CEO of Broadway Federal. "It was only natural to create this division to tailor our extensive range of products and services to meet our customers' evolving financial needs. Credit availability is an important aspect, especially for our growing base of entrepreneurial customers."

Our Wealth Management team will work to identify the credit needs of these clients, quickly and efficiently, giving time-constrained entrepreneurs key financial support in their endeavors. We are fortunate to have a person with Wayne's experience leading this effort."

Broadway Federal expects that this client-oriented approach will be an important factor in generating above-average growth over the next few years.

"Broadway Federal's approach to wealth management solutions for our customers continues the bank's history of providing the community with innovative services," said Mr. Harvey. "Establishing this operation is an important part of Broadway Federal's expansion of its banking business and will enable us to fully capitalize on growth opportunities in the sizeable and fast-growing Latino market. As a community bank, Broadway is well positioned to serve the sophisticated needs of its clients who are increasingly looking for comprehensive asset and liability management solutions designed for wealth building."

Broadway Federal Bank

Broadway Federal Bank is the oldest and largest African-American and Latino owned and operated bank headquartered west of the Mississippi River. The Bank operates four full service branches, three in the city of Los Angeles, and one in the nearby city of Inglewood, California. Shareholders, analysts and others seeking information about the Company or the Bank are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com.