Business Context and Reporting Period
This Form 8-K was filed by Broadway Financial Corporation on November 8, 2006. The registrant is the holding company for Broadway Federal Bank, f.s.b. The report discloses a specific corporate governance event regarding the appointment of a principal officer.
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 material change reported is the appointment of Ms. Candis Noel as Senior Vice President and Chief Retail Banking Officer of Broadway Federal Bank, effective November 1, 2006. Prior to this role, Ms. Noel served as Vice President, Regional Deposit Officer at Comerica Bank (1992–2006) and held various positions at First Interstate Bank for over thirteen years.
Management Commentary and Compensation
- Compensation: Ms. Noel's annual base salary is set at $105,000.
- Bonus: She is eligible for an annual bonus targeted at 20% of her base salary.
- Benefits: She will participate in standard employee benefit programs, including medical and dental insurance.
- Contract Status: There is currently no employment contract between Ms. Noel and either Broadway Financial Corporation or Broadway Federal Bank.
Investor Verification Checklist
- Verify the effective date of Ms. Noel's appointment (November 1, 2006).
- Confirm the absence of a formal employment contract at the time of filing.
- Review the specific compensation structure ($105,000 base + 20% target bonus) against peer institutions.
- Check subsequent filings for any updates to Ms. Noel's role or contract status.