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Broadway Financial Corporation Message Board

  • dkjenken dkjenken Mar 22, 2013 8:10 AM Flag

    10-K pending

    Chief Executive Officer, Wayne-Kent Bradshaw, stated, “These sales represent a substantial reduction in our non-performing loans, which will significantly reduce the time and resources that we devote to managing and monitoring non-performing loans. Furthermore, the sales will allow us to re-focus our efforts on improving operations, pursuing growth as permitted under our Cease and Desist Orders, and completing our previously announced Recapitalization. In addition, we believe that these sales represent a major step in addressing regulatory requirements for materially reducing our non-performing loans. With the sales completed, our non-performing loans have been reduced to approximately $23 million, or 6.4% of total estimated assets, after adjusting for the sales, as of December 31, 2012.”

    Additional information regarding the loan sales will be made available in the Company’s Form 10-K for 2012, which the Company expects to file in late March.

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