Black-Owned Banks Must Revisit Their Business Models, M&F Chief Says
One of the nation’s oldest black-owned banks is revamping its business model.
Cognizant that the number of banks that cater specifically to African-Americans is in decline, M&F Bancorp in Durham, N.C., has launched an effort to expand beyond its core clientele. The 107-year-old company made headlines last week by recruiting a local lawyer to become its first non-black director.
The $297 million-asset company will also rename its Mechanics & Farmers Bank, rebranding as M&F Bank to attract more young professionals. That change should take place in the next few months.
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