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Money Market

This limited transaction account offers interest at money market rates and provides you the ability to withdraw funds when necessary.

Features

Open with $1000 deposit

$2,500 minimum daily balance to earn interest

Account Fees

$12 maintenance fee with electronic statment/$14 maintenance fee with paper statement

Maintenance fee can be waived by maintaining a $5000 minimum daily balance*

*Other fees may apply

Transaction Limits

Three preauthorized transactions per month at no charge2

Up to six total preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions from your account per month or statement cycle

CDs

Combine flexibility and security, with a guaranteed interest rate and a fixed term. Plus, you can choose to have the interest added back into the CD principal or have it deposited into an M&F Bank checking or savings account. The more you invest, the better the interest rate.

Features

Open with $1000 deposit

Fixed rate of return for the entire term

CD Terms from 3 months to 5 years

Investment principal is protected

Automatic renewal

Account Fees

Substantial penalty for early withdrawal

IRAs

Save securely for retirement while deferring taxes until you access your money, which you can begin doing at age 59½.

Features

Open with $1000 deposit

Variety of fixed-rate investment options available

No start-up or annual fees

Detailed quarterly statements

Some or all of your IRA contribution may be tax deductible.*

*Other fees may apply

Account Fees

Substantial penalty for early withdrawal

Statement Savings

The more you save now, the more options you will have when it comes to making large purchases or planning for life ahead.

Features

Open with $100 deposit

$100 minimum balance to earn interest

Account Fees

$6 maintenance fee can be waived by maintaining a $200 minimum daily balance*

*Other fees may apply

Transaction Limits

Three preauthorized transactions per month at no charge1

Up to six total preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions from your account per month or statement cycle

Golden Years

Let your life experience work in your favor, with this low-cost savings account intended for those 55 and older.

Features

Open with $25 deposit

$100 minimum balance to earn interest

$3 maintenance fee can be waived by maintaining a $200 minimum daily balance*

Heading

Remote work

London

5+ years experience

Transaction Limits

Three preauthorized transactions per month at no charge1

Up to six total preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions from your account per month or statement cycle

Holiday Savings

Get yourself in the holiday spirit all year long. Save the same amount every time, or vary amounts throughout the year.

Features

Open with $25 deposit

$0 maintenance fee*

$0 minimum daily balance

Heading

Remote work

London

5+ years experience

Youth Savings

It’s never too early to get in the habit of saving. So we created this low-cost account specifically for those 21 and younger.

Features

Open with $25 deposit

$100 minimum balance to earn interest

$0 maintenance fee*

Heading

Remote work

London

5+ years experience

Transaction Limits

Three preauthorized transactions per month at no charge1

Up to six total preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions from your account per month or statement cycle

Our Mission

M&F Bank is a historic independent community bank committed to meeting the needs of a wide range of individuals and businesses within our markets, while providing unparalleled customer service with an above average return for our shareholders. We enhance the wealth and well being of the communities that we serve by providing competitive and holistic financial solutions, with particular emphasis on the financial needs of underserved populations and geographies.

Our History

Learn more about the history of M&F Bank and its founders.

Board of Directors

M&F Bank and M&F Bancorp, Inc. Board of Directors

Why M&F Bank?

Discover why you should choose M&F Bank as our financial partner.
Our
History

Mechanics and Farmers Bank was born from a need for opportunity. At the turn of the 20th century, African Americans were navigating tremendous obstacles in the fight to participate in the economy. For African Americans, there were few opportunities to obtain financing for their business ventures or homes. There were equally few options to safely place money on deposit and earn interest with established banking institutions, so, the black community created their own.

M&F, a state-chartered commercial bank, was organized in 1907 under the authority of a charter issued by the Legislature of the State of North Carolina. The founders had a dream for their community. The nine businessmen — the pioneers — who became the original incorporators of the bank were successful and active community builders, and by the time M&F was chartered most of them had been involved in the establishment of numerous other institutions and organizations that formed the nucleus of a thriving business and residential district in Durham, anchored by what became known as Black Wall Street. These men were R. B. Fitzgerald, J. A. Dodson, J. R. Hawkins, John Merrick, Aaron M. Moore, W.G. Pearson, James E. Shepard, G. W. Stephens, and Stanford L. Warren.

The Bank’s mission is a commitment to promoting personal and community development and we remain true to these values. Helping individuals, businesses, and community institutions grown and develop are the philosophical tenets that inform our decisions and guide our actions.

  • 1907

    Mechanics and Farmers Bank was founded February 25. 1907.

  • 1908

    The bank opened for business August 1908 at 112 W. Parrish St.

  • 1921

    Merged with Fraternal Bank & Trust in 1921.

  • 1935

    Became NC’s first lending institution to be certified by the FHA, and in the same year, the bank’s assets exceeded $1 million.

  • 1991

    Assets exceeded $100 million.

  • 2002

    Certified as a Community Development Financial Institution (CDFI).

  • 2008

    Acquired Mutual Community Savings Bank.

  • 2010

    Assets reach an all-time high of $312M.

  • 2015

    Rebranded as M&F Bank.

  • 2020

    Historic Parrish Street Branch Renovation.

  • 2021

    Set record results and assets exceed $XXmm.

Board of Directors

James A. Stewart

Chairman
 
 
 

Willie T. Closs, Jr.

 
 
 

James H. Sills, III

 
 
 

Connie J. White

Connie J. White
 
 
 

Michael L. Lawrence

 
 
 

James A. Stewart

 
 
 

Emma S. Allen

 
 
 

Willie T. Closs, Jr.

 
 
 
 
 

James H. Sills, III

 
 
 
 

Connie J. White

Vice Chairman
 
 
 

Michael L. Lawrence

 
 
 
 

Cedric L. Russell

 
 
 
 
 
Advisory Boards

Charlotte City Advisory Board

  • Walter Tucker, Chairman
  • Tanya Dial-Bethune, Secretary
  • James H. Sills III, Ex Officio
  • Malcolm Davis
  • Rhonda Caldwell
  • Charles Hands, III
  • Dr. Jimmy R. Jenkins
  • Damian Johnson
  • Yolanda Johnson
  • Vickie Smith
  • T. Michael Todd

Durham City Advisory Board

  • James H. Sills III, Ex Officio
  • William V. “Bill” Bell
  • Allen Chan
  • Dr. Eric Davis
  • Kenneth Gibbs
  • Brad Ives
  • Charles Hands, III
  • Kenneth Gibbs
  • Shelly McPhatter
  • Bryan Scherich
  • James Stewart

Greensboro City Advisory Board

  • James H. Sills III, Ex Officio
  • Bishop George W. Brooks
  • Mae Douglas
  • Warché K. Downing
  • Damien Gorham
  • Dr. Mark Kiel
  • Dr. Sharon Long-Stokes
  • Zack Matheny

Winston-Salem City Advisory Board

  • James H. Sills III, Ex Officio
  • Evelyn Acree
  • Maya A. Gilliam
  • Paul “Max” Maxwell
  • Carol Montague-Davis
  • Francisco Cámara Riess
  • Cedric L. Russell
  • Martha Wood

Millennial Advisory Board

  • Warché K. Downing, Chairman
  • Tiffany Foggie
  • Charles Hands, III
  • Marcus Howard
  • Wendell Jean-Jules
  • Tasha Lee
  • Anthony McClenny
  • Archele Moore
  • Colton Palmer
  • Carlton Rowe
  • KiYana Watts
     
 

Why M&F Bank?

We operate in the space of being a partner and resource to the communities we serve.
In light of this, we are proud that for 25 years, we have maintained an “Outstanding” Community Reinvestment Act (CRA) rating. This means that it has been determined that we have a proven track record of meeting the credit needs of the individuals, businesses and nonprofits in our local communities. This also represents our dedication to serving and empowering economically distressed communities. M&F Bank is the only Community Development Financial Institution (CDFI) and minority-owned bank in North Carolina

We pride ourselves on being available. During the COVID-19 pandemic, M&F Bank quickly and efficiently worked to meet the needs of our customers. We provided loan payment deferrals as well as guidance and assistance related to relief options for small businesses. We were able to impact over 1,300 local jobs and 163 local small businesses through our participation in the Paycheck Protection Program.

We know you. We are a small institution with the same capabilities of a large one. The difference is the one-to-one attention that we are able to give. As we like to say, we are big enough to serve you, and small enough to know your name. We invite you to come experience the M&F way, and develop a relationship with an experienced, knowledgeable, and friendly local banker.

Bank with us from near or far. We are well equipped to be your primary bank. We offer convenient digital banking options including a mobile app, online banking, and mobile check deposit, so, even if you are not near a branch or do not wish to visit one, you can still do business with us.

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