Broadway Financial Corporation Reports Receipt of Nasdaq Deficiency Letter

Broadway Financial Corporation (Nasdaq: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported that it has received a letter, dated May 23, 2012, from the Nasdaq Listing Qualifications Department stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed with the Securities and Exchange Commission (the “SEC”) its Quarterly Report on Form 10-Q for the first quarter of 2012. Rule 5250(c)(1) requires that Nasdaq listed companies file their required periodic financial reports with the SEC on a timely basis. The Company is not able to complete its financial statements as of and for the quarter ended March 31, 2012, and therefore is not able to complete preparation of its first quarter 2012 Form 10-Q, because the Company has not obtained all information needed to comply with the new fair value disclosure requirements.