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BROADWAY FINANCIAL REPORTS MANAGEMENT CHANGES

 BROADWAY FINANCIAL REPORTS MANAGEMENT CHANGES
 PATERSON, N.J., Jan. 17 /PRNewswire/ -- Broadway Financial


Corporation (NASDAQ: BFCP) and its subsidiary, Broadway Bank & Trust Company, jointly announced today that their boards of directors have reorganized management, electing Director Otto A. Payonzeck as chairman, president and acting chief executive officer of both the corporation and the bank. Both boards have accepted the resignations of Peter M. Kolben as president and director, and John H. McLaughlin as treasurer and chief financial officer. Former Chairman Martin Sukenick had retired effective Dec. 31, 1991, and was appointed Chairman Emeritus of both entities. The board has commenced an immediate search for a permanent chief executive officer.
 The bank's directors also approved steps to sell assets in order to refocus the bank as a community bank. In connection with that aspect of the reorganization, the bank has agreed to sell the assets of its brokerage subsidiary, Broadway Financial Investment Services Corp., to the management of the brokerage subsidiary. It has also agreed to sell its interest in its largest real estate joint venture, an office building located in Parsippany, N.J., to its joint venture partner.
 "We believe that these actions will help us through the economically difficult times which have been hard on the bank," said Leonard Kohl, board spokesman. "The board has confidence that Payonzeck's abilities and experience will help the bank meet the immediate challenges before it."
 Payonzeck received his undergraduate degree in economics from Harvard University and received his MBA from Northeastern University. He was CEO of Universal Manufacturing Company from 1980 until 1987. Universal, headquartered in Paramus and with a major plant in Paterson, had annual sales of more than $200 million. Payonzeck has served as a financial and management consultant to private companies, including Broadway, and has served at the bank on a nearly full-time basis since last July. Payonzeck joined the board of Broadway Bank in 1983 and was elected to the holding company board in 1987.
 Broadway Bank & Trust Company, with assets of approximately $400 million, operates eight banking offices in Bergen, Essex, Morris and Passaic Counties.
 -0- 1/17/92
 /CONTACT: Cathy Seiler of Broadway Financial, 201-742-6000, or Paul Finkel of Paul Finkel Associates, 201-740-0090, for Broadway Financial/
 (BFCP) CO: Broadway Financial Corporation ST: New Jersey IN: FIN SU: PER


TS-OS -- NY017 -- 1010 01/17/92 13:00 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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