With Wayne-Kent A. Bradshaw on its managing team, Broadway’s future looks brighter and better in today’s financial downturns.
With the economic crisis taking a tremendous toll on every segment of society throughout the country and indeed throughout the world, it is refreshing to know that “our” neighborhood bank, Broadway Federal Bank has not been affected by the national crisis. As a matter of fact, Broadway has just named Wayne Bradshaw, one of the California’s most reputable bankers to a senior, top-level position. And according to the bank’s officials, Broadway is poised to expand its operations and possibly open new branches in the not-too-distant future.
In an exclusive interview with Bradshaw, the Sentinel has learned the secret of Broadway’s survival, as a “small fish in a big pond” and how it has remained largely unaffected despite harsh economic realities within the banking industry. Bradshaw explained, “I’m not taking over at the helm, my specific title will be president and COO (chief operating officer), Paul (Hudson) will still be chairman and CEO (chief executive officer). I’m coming in as the operating manager.”
That sends a powerful message to the community about the bank’s stability since Broadway is a community bank and very close to the people. To be hiring a president at a time when others are laying off en masse is very reassuring to the people in the community. Bradshaw has an impressive banking resume. “I was both at Family (Saving & Loan) and Founders (National Bank),” he continued, “I was president and CEO of both of those institutions.”
With 38 years of experience and a myriad of banking credentials, Bradshaw is highly regarded as the banker of the community. Most recently, he was regional president and national manager of community and external affairs at Washington Mutual Bank. “I’ll be handling all of the day-to-day operations, all of the overall oversight and our lending and financial retail banking operations. Broadway is uniquely stable, well placed and profitable, particularly for a small institution. It did not participate in the sub-prime disaster that has been problematic for most of the institutions we read about, so at this time, Broadway is actually in a very opportunistic circumstance as a well-capitalized institution. The last time I saw the Business Journal, it was listed as one of the more profitable institutions in the area.” According to official reports Broadway’s assets presently exceeds $400 million, and with Bradshaw on board, the bank now has an A-team overseeing its operations, so it is well reserved and preserved.
In discussing future goals relative to possible new branches, Bradshaw said, “ We have a very good opportunity to go out on a selective basis, and not be aggressive but be prudently assertive in growing our assets and increasing our earning capabilities.” He certainly believed that the current economic climate has created a situation than would not normally exist and Broadway would be seeking to take advantage of these opportunities, and not be overtaken by greed and fear.
Chairman Hudson seemed very optimistic about having Bradshaw on his team and said, “We’ve been friendly competitors and friends for a long time and I’ve always admired his management skills. This is something we’ve always dreamed of – working together.” And with Bradshaw on board, Hudson will most likely have more time to invest in other areas. He added, “I will be looking at strategic business opportunities which means new branches and acquisitions but I will be remaining the face of Broadway Federal and I’ll still be active in all the senior management decisions.”
The Hudson-Bradshaw partnership bodes well for the community and this was reinforced when Hudson concluded, “I think it’s safe to say we’re operating business-as-usual and we are looking to grow our franchises, that’s why we got Mr. Bradshaw on board.”
When asked about preferences for expansion, Hudson responded, “We’d look at anything in the state, but our preference is local. We’d also look at the northern California area of Oakland and the eastern areas of the Inland Valley, the Inland Empire.”
A native of Jamaica, Bradshaw’s activities are not restricted solely to banking and finance, he currently serves on the board of California State University Northridge Foundation and the Northridge Hospital Medical Center Community Advisory Board and on the board of the California Science Center Foundation.
Finally, the name of Broadway Federal Bank is inseparable from the Hudson name, and whereas Dr. H. Claude, Elbert T. and Paul C. are well known publicly, Karen Hudson is one of the “hidden” assets of the Broadway Federal Bank. She is the director of marketing, responsible for reflecting the bank’s image in a positive manner to the public.