Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On August 12, 2020, Broadway Financial Corporation ("Broadway") Board of Directors approved an amendment and restatement of the Bylaws of Broadway. The purpose of the amendment and restatement was to: (i) conform the deadlines for stockholder director nominations and new business proposals, (ii) coordinate the language of other bylaw provisions for consistency, and (iii) clarify the language and correct typographical errors in the remainder of the bylaws. In addition, the bylaws were amended to clarify that stockholder meetings may be held in virtual form as well as traditional in person meetings and that only stockholders of record may present proposals for a vote at annual stockholder meetings.

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