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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): NOVEMBER 25, 1998
BROADWAY FINANCIAL CORPORATION
(Exact name of Registrant as Specified in its Charter)
DELAWARE 0-27464 95-4547287
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
4800 WILSHIRE BOULEVARD
LOS ANGELES, CALIFORNIA 90010
(Address of Principal Executive Offices, Including Zip Code)
(213) 634-1700
(Registrant's Telephone Number, Including Area Code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS.
On November 20, 1998, the Registrant dismissed its independent
accountant, Ernst & Young LLP ("E&Y"). E&Y's report on the financial
statements for the past two years did not contain an adverse opinion
or disclaimer of opinion and was not modified as to uncertainty, audit
scope or accounting principles. The decision to change accountants
was recommended by the Audit Committee of the Board of Directors and
ratified by the full Board of Directors on November 18, 1998. There
were no disagreements with E&Y on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedure.
The Registrant retained the accounting firm of KPMG Peat Marwick, LLP
("KPMG") on November 20, 1998, to provide audit and tax services for
the years ending December 31, 1998, 1999 and 2000. There have been no
consultations with KPMG regarding the application of accounting
principles to specific transactions, or the type of audit opinion that
might be rendered.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
See Exhibit Index included herewith.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BROADWAY FINANCIAL CORPORATION
Date: November 25, 1998 By: /s/ Bob Adkins
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Bob Adkins
Chief Financial Officer and Secretary
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EXHIBIT INDEX
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EXHIBIT NO. Exhibit Page No.
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<S> <C> <C>
16 Letter on Change in Certifying Accountant
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EXHIBIT 16
[ERNST & YOUNG LLP LETTERHEAD]
November 25, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentleman:
We have read Item 4 of Form 8-K dated November 25, 1998, of Broadway
Financial Corporation and are in agreement with the statements contained in
the first paragraph on page 2 therein. We have no basis to agree or disagree
with other statements of the registrant contained therein.
Very truly yours,
/s/ Ernst & Young LLP
