Broadway Federal Bank avoided failure during the Great Recession and now appears on track for a full recovery. In 2008, the bank received $9 million from Treasury's Troubled Asset Relief Program to stay afloat. Treasury and the nonprofit NCIF, which had backed Broadway Federal's 2013 recapitalization, subsequently agreed to convert their preferred shares to common stock — giving up half the amount owed them. Now, in Broadway Federal's Q3 2014 financial report, the bank's net income has risen to $765,000, up from $584,000 a year earlier. "In October, we raised $9.7 million and paid off all of the senior debt," said Broadway Financial CEO Wayne-Kent Bradshaw. "The bank has a clean and pure common stock balance sheet. We spent three years fixing things and now we are ready to take off."