Black Owned L.A. bank created to serve black community to foreclose on several black churches
A group of Los Angeles pastors are protesting the foreclosure proceedings on a number churches, to be executed by a black-owned bank that was created to serve a once-segregated black population.
Broadway Federal Bank started in the 1940s to provide financial services to the black community. Today, according to the Los Angeles Times, “the bank had over 12% of its loans and other assets in delinquency or foreclosure, and seven repossessed churches on its books.” The bank can no longer take on additional church clients. The church pastors have promised to stand up to the bank.
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