Business Context and Reporting Period
This Form 8-K is a current report filed by Broadway Financial Corporation on March 5, 2019. The filing reports a corporate governance event that occurred on February 28, 2019, involving the Board of Directors of its subsidiary, Broadway Federal Bank.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the departure of a long-serving director:
- Albert O. Maddox retired from the Board of Directors of Broadway Federal Bank on February 28, 2019.
- Mr. Maddox transitioned to the status of Director Emeritus.
- He joined the Board in 1986 and served on the Audit Committee, Loan Committee, and Risk and Compliance Committee during his tenure.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items beyond the director's retirement.
Investor Verification Checklist
- Confirm the effective date of Albert O. Maddox's retirement (February 28, 2019).
- Verify the appointment of any new directors to replace Mr. Maddox, if applicable, in subsequent filings.
- Review the composition of the Audit, Loan, and Risk and Compliance Committees to ensure quorum and compliance with governance requirements following the transition.