Business Context and Reporting Period
This Form 8-K filing by Broadway Financial Corporation, the holding company of Broadway Federal Bank, f.s.b., was filed on March 17, 2006. The report discloses a significant executive appointment effective April 3, 2006.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and compensation details.
Material Changes
The primary material change is the appointment of Mr. F. Glen Harvey as President and Chief Operating Officer of the Bank. Mr. Harvey brings over 20 years of banking experience, including recent service as Senior Vice President of the Entertainment Group at Comerica Bank.
Management Commentary and Compensation Details
- Role: President and Chief Operating Officer of Broadway Federal Bank, f.s.b.
- Start Date: April 3, 2006.
- Base Salary: $160,000 annually.
- Bonus: Targeted at 40% of base salary.
- Severance: 30 months of compensation for termination other than for cause.
- Benefits: Eligible for standard employee benefit programs including medical and dental insurance.
- Related Party Transaction: Mr. Harvey is the nephew of Chairman Elbert Hudson and the first cousin of President and CEO Paul Hudson.
Investor Verification Checklist
- Verify the effective start date of Mr. Harvey's tenure (April 3, 2006).
- Confirm the total potential annual compensation including the targeted bonus.
- Review the related party disclosure regarding Mr. Harvey's familial relationship to the Chairman and CEO.
- Check subsequent filings for any changes to the compensation package or role.