Broadway Financial Replaces CFO

Broadway Financial (BYFC) in Los Angeles has named a new chief financial officer.

Brenda Battey has been approved by the Federal Reserve Bank of San Francisco to be CFO of the company, it said Friday. It also plans to name her CFO of its Broadway Federal Bank subsidiary, pending approval by the Office of the Comptroller of the Currency, President and Chief Executive Wayne-Kent Bradshaw said.

Battey succeeds Sam Sarpong, who was terminated on Jan. 31, the company disclosed in February.

Broadway was forced to restate its earnings last year after the OCC ordered it to increase its loan losses. Both Broadway and its bank have been under regulatory orders since 2010.

It made a profit of $588,000 in 2012, after losing over $14 million in 2011.

Battey joined Broadway's finance unit in October and was named interim CFO following Sarpong's departure. Previously, she was with the Bank of Manhattan in El Segundo, Calif.

Battey "adds extensive financial and accounting experience to our management team, and a strong knowledge base of accounting policies, standards and controls for the banking industry," Bradshaw said in the news release.

Broadway has $374 million of assets and four branches in Los Angeles. It raised $16 million through loan sales in February.