Broadway Financial Corporation Announces New Board Member: Mary Hentges
Los Angeles, CA – March 10, 2025
Broadway Financial Corporation (Broadway or the Company), the parent company of City First Bank, National Association (the Bank), is thrilled to announce the appointment of a new member to its board of directors (the Board). Effective March 5, 2025, Mary Hentges has joined the Board to fill the vacancy that arose when the Board’s size was increased to ten directors.
Background of the New Board Member
Ms. Hentges brings a wealth of experience in risk management, audit, and compliance to Broadway and the Bank. She most recently served as the Chief Risk Officer for a leading financial institution, where she was responsible for managing the institution’s risk profile and ensuring regulatory compliance. Prior to that, she held senior positions in audit and risk management at several major financial services firms.
Ms. Hentges holds a Bachelor’s degree in Business Administration from the University of Southern California and an MBA from the University of California, Los Angeles. She is a Certified Public Accountant and a Certified Internal Auditor.
Roles and Responsibilities
Ms. Hentges will serve on three committees of the Board and the Bank:
- Audit Committee of the Company and the Bank: This committee is responsible for overseeing the financial reporting process, the system of internal controls, and the independent auditor.
- Risk and Compliance Committee of the Bank: This committee is responsible for overseeing the Bank’s risk management framework, compliance with laws and regulations, and ethical business practices.
- Internal Asset Review Committee of the Bank: This committee is responsible for reviewing the Bank’s loan portfolio and ensuring that it is in compliance with the Bank’s risk management policies and regulatory requirements.
Impact on Individual Investors
The appointment of Ms. Hentges to Broadway’s Board is a positive sign for individual investors. Her extensive experience in risk management, audit, and compliance will help ensure that Broadway and the Bank operate in a responsible and transparent manner. This, in turn, can help protect investors’ interests and build confidence in the financial stability of the Company and the Bank.
Impact on the World
The appointment of Ms. Hentges to Broadway’s Board also has wider implications for the financial industry as a whole. With increasing regulatory scrutiny and growing concerns about financial stability, the appointment of experienced professionals like Ms. Hentges to boards and committees is becoming more important than ever. By strengthening its governance structure, Broadway is setting a positive example for other financial institutions to follow.
Conclusion
In conclusion, Broadway Financial Corporation’s appointment of Mary Hentges to its Board is a significant step forward for the Company and the Bank. Ms. Hentges’ expertise in risk management, audit, and compliance will be invaluable in helping Broadway and the Bank navigate the complex regulatory landscape and maintain a strong focus on risk management and ethical business practices. This appointment is also a positive sign for individual investors and the financial industry as a whole, as it demonstrates Broadway’s commitment to transparency, accountability, and financial stability.
Broadway’s appointment of Ms. Hentges is just one of many steps that financial institutions can take to build trust with investors and the public. By prioritizing strong governance, transparency, and accountability, financial institutions can help restore confidence in the financial industry and build a more sustainable and resilient financial system for the future.
