Steve Rippe Joins the Board of Broadway Financial Corp

Business Wire, Oct 4, 2001

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Oct. 4, 2001

Broadway Financial Corp. ("Broadway" or "Company") (Nasdaq:BYFC), the holding company for Broadway Federal Bank f.s.b. ("Bank"), today announced that Stephen N. Rippe, formerly president of Highland Bancorp Inc. and currently a partner of Hot Creek Capital LLC (formerly known as Everest Managers LLC) has been elected to its board of directors.

Hot Creek, through one of its investment partnerships, is a Broadway shareholder.

"We are pleased to welcome Steve as a member of our board of directors," said Paul C. Hudson, president and chief executive officer of the Company. "His knowledge and experience in the banking industry will be a valuable addition to our board. I look forward to working with Steve to improve shareholder value."

Broadway Federal Bank f.s.b. is a community-oriented savings bank that serves low- and moderate-income minority neighborhoods in Mid-City and South Central Los Angeles. The Bank primarily originates multifamily and commercial mortgage loans in the geographic areas known as Mid-City and South Central Los Angeles. The Bank operates five full-service branches -- four in the city of Los Angeles and one located in the nearby city of Inglewood, Calif.

Shareholders, analysts and others seeking information about the Company are invited to write to: Broadway Financial Corp., Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit the Company's Web site at www.broadwayfed.com.