News about M&F Bank
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced consolidated financial results for the fourth quarter (unaudited) and full year ended December 31, 2019 today.
James H. Sills III, President, and CEO of the Company commented, “2019 was the best year of performance for M&F Bancorp, Inc., (the “Company”) and M&F Bank (the “Bank”) in many years. Consolidated earnings for 2019 topped $1.0 million, and the Company paid its first common stock dividend since 2014. We were successful in executing our strategic plan to provide access to capital to small and medium businesses, and we achieved excellent loan diversity in our markets.
Additionally, we launched a new money service business product offering to generate additional fee income for the Company. During 2019, we continued to make positive progress in all areas of the Company. Overall, we experienced positive increases in assets, loans, deposits and fee income. The Company’s delinquency rate was 0.76%, which was the lowest level in more than 10 years. The Company’s Tier 1 Leverage Capital ratio was 8.43%, and Total Risk Based Capital ratio was 12.50%. We believe that the Company is sound, healthy and continues to improve its results.”
The Company recorded net income for the fourth quarter of 2019 of $378,000 as compared to $128,000 for the comparable quarter of 2018. Diluted income per common share was $0.19 and $0.06 for the fourth quarter of 2019 and 2018, respectively.
The Company recorded net income for the year ended December 31, 2019 of $1.0 million as compared to $466,000 for the same period of 2018. Diluted income per common share was $0.50 and $0.23 for the year ended December 31, 2019 and 2018, respectively.
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M&F Bank CEO Appointed to FDIC Advisory Subcommittee on MDIs
James ‘Jim’ Sills, President and CEO of M&F Bank, and Kyle Chavis, CEO of Lumbee Guaranty Bank, were recently appointed to the Minority Depository Institutions (MDIs) subcommittee of the FDIC’s Advisory Committee on Community Banking.
On December 3, Jim and Kyle were invited to D.C. to meet with the leadership team of FDIC Chair Jelena McWilliams. The group came together to discuss the most pressing issues impacting MDIs in the US. As part of the eight-member subcommittee, the pair were able to ensure that North Carolina’s community banks were adequately represented and received the attention they deserve.
We are proud to see our state’s bankers reaching out to regulators and sharing their stories. We thank Jim and Kyle for their advocacy on behalf of North Carolina’s community banks and encourage all of our bankers to follow their example! SOURCE: https://www.ncbankers.org/
M&F Bancorp, Inc. Announces Cash Dividend
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced that its Board of Directors has declared a cash dividend on its common stock of $0.06 per share payable on December 9, 2019 to shareholders of record as of November 29, 2019. James A. Stewart, Chairman of the Board, stated, “We are pleased to announce this dividend at the end of calendar year 2019.”
M&F Bancorp, Inc., a bank holding company headquartered in Durham, NC with assets of approximately $267 million as of September 30, 2019, is the parent company of M&F Bank. M&F Bank is a state-chartered commercial bank founded in 1907, and has operated continuously since 1908. With branch locations in Durham, Raleigh, Charlotte, Greensboro and Winston-Salem, NC, M&F Bank is one of only a few NC banks designated by the U.S. Treasury as a Community Development Financial Institution. Read full press release
M&F Bancorp, Inc. Announces Third Quarter 2019 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited consolidated financial results for the third quarter of 2019 today.
James H. Sills III, President and CEO of the Company, commented, “This is the sixth consecutive quarter of positive earnings and overall performance is directionally consistent. More specifically, three key metrics – our return on assets, return on equity and efficiency ratio have improved this quarter based on improved earnings for the Company. Loans increased slightly by approximately $811,000 or 0.46% to $175.3 million at September 30, 2019 from $174.4 million as of December 31, 2018. Deposits increased $7.3 million to $240.3 million as of September 30, 2019 from $233.0 million as of December 31, 2018. The Company’s delinquency ratio was .66%, and asset quality metrics continue to be better than the peer group. We continue to execute our strategic plan to provide access to capital for small and medium size businesses in all the markets served. The Company will continue to focus on strategic priorities with emphasis on increasing loan volume and fee income to increase profitability for the remainder of the year.” Read full press release
Valerie M. Quiett Named to National Advisory Council for CFPB
DURHAM, NC – (October 9, 2019) — Valerie M. Quiett, Senior Vice President and Chief Legal Officer of M&F Bank, has been named to the
Community Bank Advisory Council of the Consumer Financial Protection Bureau (CFPB). Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB is the U.S. government agency that protects consumers from unfair, deceptive or abusive practices by banks, lenders or other financial entities. Members of its Community Bank Advisory Council are selected from institutions across the country to provide the CFPB with the unique perspectives of community banks.Read full press release
M&F Bancorp, Inc. Announces Second Quarter 2019 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited consolidated financial results for the second quarter of 2019 today.
James H. Sills III, President and CEO of the Company, commented, “We continue to make progress to improve the overall earnings profile of the Company. This is the fourth consecutive quarter of positive earnings. Overall, we had positive increases in asset, loan and deposit growth. We now have a loan portfolio with a 74% loans-to-deposit ratio vs 71% from one year ago, which is contributing to increased earnings for the Company. Total assets increased $5.3 million as of June 30, 2019 compared to December 31, 2018. We are experiencing some headwinds in loan growth. Loans grew slightly by approximately $639,000 or 0.37% to $175.1 million at June 30, 2019 from $174.4 million as of December 31, 2018. Deposits increased $2.8 million to $235.8 million as of June 30, 2019 from $233.0 million as of December 31, 2018. Increases in total deposits were primarily attributable to growth in core deposit accounts, partially offset with fluctuations in wholesale funding.Read full press release
Randall C. Hall Promoted to Executive Vice President M&F Bancorp, Inc. and M&F Bank
DURHAM, N.C.– M&F Bancorp, Inc. (OTC Pink: MFBP), the parent company of M&F Bank – James H. Sills, III, President & Chief Executive Officer, is pleased to announce the promotion of Randall C. Hall to Executive Vice President. Hall has served as Chief Financial Officer since 2013 and Chief Operating Officer since 2016.
Hall will continue to serve as Chief Financial Officer and Chief Operating Officer. As part of M&F Bank’s management team, Hall manages all aspects of financial management including accounting, treasury, financial reporting, information technology, risk management, deposit operations and human resources. Hall was hired as incoming Chief Financial Officer in November 2012 bringing with him over 20 years of bank accounting, finance and operational experience. Read full press release
M&F Bancorp, Inc. Announces First Quarter 2019 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2019 today.
James H. Sills III, President and CEO of the Company, commented, “We continue to make progress to improve the overall earnings profile of the Company. This is the fourth consecutive quarter of positive earnings. Overall, we had positive increases in asset, loan and deposit growth. We now have a loan portfolio with a 72.53% loan to deposit ratio vs 68.60% from one year ago, which is contributing to increased earnings for the Company. Loans grew slightly by approximately $1.2 million or .64% to $175.6 million at March 31, 2019 from $174.4 million as of December 31, 2018. Deposits increased 3.89% or $9.1 million to $242.1 million as of March 31, 2019 from $233.0 million as of December 31, 2018. Increases in total deposits were…
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M&F Bank Chairman receives the Watauga Medal
NC State will award its highest nonacademic honor to alumni S. Frank Culberson, Charles A. Flink II and James A. Stewart. The Watauga Medal, given annually since 1975, recognizes extraordinary service and commitment to the university.
Stewart is a principal in the firm of Stewart, Martin & McCoy LLC. He founded Stewart Investment Properties Inc. in 1997, specializing in commercial real estate brokerage and investments. Before he became active in real estate, Stewart worked for IBM.
He also served for four years on active duty as an officer in the U.S. Army.
Stewart is a member of the NC State Board of Visitors and a longtime member and former chair of the Chancellor’s African American Community Advisory Council. He serves on the Mechanical and Aerospace Engineering Advisory Board and Park Scholarships Selection Committee. Stewart also is a member of the Wallace Carl Riddick Lifetime Giving Society and the R. Stanhope Pullen Society.
He established the James A. Stewart Scholarship Endowment to provide need-based scholarships for undergraduates from underrepresented populations, and he has made substantial investments in the A.M. Witherspoon Graduate Scholarship Endowment, the College of Engineering, student-athlete scholarships and athletics facilities, and many other efforts across campus. Stewart was inducted into the university’s Mechanical and Aerospace Engineering Hall of Fame in 2014 and is a lifetime member of the NC State Alumni Association.
Stewart earned a Bachelor of Science in Mechanical Engineering in 1970 and an MBA in 2009, both from NC State. He also holds the Certified Commercial Investment Member designation from the National Association of Realtors.
M&F Bancorp, Inc. Announces Profitable 2018 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTC Pink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2018 today. James H. Sills, III, President and CEO of the Company, commented, “During 2018, we made positive progress in all areas of the Company. We have officially turned around the Company from two years of prior losses. I am pleased to report that we generated positive earnings for the year in the amount of $466,000 compared to a net loss of $2.6 million in 2017. We increased our loans outstanding from $154 million to $174 million, an increase of 13.60%, which was one of the highest percentage increases in the state. Further, we closed over 196 loans in 2018 compared to 86 loans in 2017, which was tremendous improvement in loan volume and loan diversity in the portfolio. We were successful in executing our strategic plan to provide access to capital to small and medium businesses in all the markets served in 2018. Overall, we had positive increases in asset, loan and deposit growth and fee income including the Bank Enterprise Award (“BEA”) funds. Read full press release
M&F Bancorp, Inc. Announces Improved Third Quarter 2018 Earnings
DURHAM, N.C.– October 26, 2018 – M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2018 today.
James H. Sills, III, President and CEO of the Company, commented, “We continue to build momentum back to profitability. During the third quarter, we recorded positive net income of $850,000, primarily driven by a significant recovery from a previously charged-off nationally syndicated loan. We continue to experience improvements in loan growth, deposit growth, total asset growth and positive earnings. Our overall delinquency percentage is now .86% and below the industry standard of 1.00% as of September 30, 2018. During the third quarter, we had excellent loan diversity and sales activity. The commercial and retail teams continue to attract new small and medium sized businesses and consumer customers to the Company, which allows us to generate organic growth in our five markets. We closed 42 loans totaling $6.0 million, and our loans outstanding increased from $164.6 million as of June 30, 2018 to $169.1 million as of September 30, 2018. For the remaining quarter in 2018, the Company will strive to make progress on our strategic priorities placing emphasis on increasing loan volume and diversifying our fee income streams. We are continuing to execute our strategic plan designed to improve the overall performance of the Company.” Read full press release
M&F Bancorp, Inc. Announces Second Quarter 2018 Earnings
DURHAM, N.C.— M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the second quarter of 2018 today.
James H. Sills, III, President and CEO of the Company, commented, “We had a very good second quarter. We experienced improvements in loan growth, deposit growth, fee income and positive earnings. Our overall strategies to improve loans outstanding and core earnings are starting to bear fruit. We continue to improve in all the operational areas of the Company, and our overall delinquency percentage remains steady around 1.00% as of June 30, 2018. During the second quarter, we had excellent loan diversity and sales activity. The commercial and retail teams have attracted new small and medium sized businesses and consumer customers to the Company, which allows us to generate organic growth in our five markets. We closed 45 loans totaling $10.0 million and our loans outstanding increased from $159.0 million as of March 31, 2018 to $164.6 million as of June 30, 2018. Read full press release
M&F Bank Honors 2018 Founders Award Recipients Allen and Tapp
Durham, NC – June 6, 2018 – M&F Bank recently named the recipients of the 2018 M&F Bank Founders Award, well-known financial professional Emma Allen, and the late Peggy Johnson Tapp, co-founder of Durham’s Chicken Hut restaurant. The M&F Bank Founders Award recognizes individuals or entities that embody the “Founding Principles,” which are the signature values or attributes of the men who established the Bank 110 years ago, and which values have guided the Bank ever since. Those Principles include: success through industrious labor; courage & leadership; embracing diversity; “doing well by doing good;” responsible citizenship; investing one’s time & resources in the community; commitment to excellence and attention to detail; taking the opportunity to make a difference; and being a mentor and role model. Read full press release
M&F Bancorp, Inc. Announces First Quarter 2018 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2018 today. James H. Sills III, President and CEO of the Company, commented, “Aside from a $1.0 million charge-off on a nationally syndicated loan, which declared bankruptcy, 2018 has exceeded expectations. Loans grew by approximately $5.5 million or 3.55% to $159.0 million at March 31, 2018 from $153.6 million at December 31, 2017, while deposits grew $1.4 million or 0.59% to $231.8 million at March 31, 2018 from $230.4 million at December 31, 2017. Our service charge income increased by $31,000 or 8.99% during the first quarter compared to the comparable period of the prior year, while our noninterest expenses decreased by $102,000 or 4.09% over the same time horizon. Read full press release
Daniel Bellamy Joins M&F Bank as VP/Business Banker in Durham
Durham, NC March 20, 2018 – M&F Bank recently added Daniel Bellamy to their business development team in the Durham market, where he will serve as Vice President/Business Banker. Bellamy’s background includes commercial lending including SBA lending, credit underwriting and analysis, and staff training and development.
Bellamy developed his broad skill range while serving with several national banks. As a Business Banker, Bellamy primarily will be responsible for building and managing M&F’s business loan portfolio in the Durham market.
“My experience makes me a perfect fit for the Bank’s ongoing drive to grow, diversify, and compete in the marketplace. M&F Bank has a culture of a caring, hands-on approach to each of its clients’ unique needs. My goal is to build on that culture and make a positive impact in this community.” Read full press release
Novant Health and M&F Bank partner in loan program to support diverse suppliers
Winston-Salem, NC – March 7, 2018 – Novant Health and M&F Bank today announced the joint development of the Diverse Supplier Community Reinvestment Program (DSCRP), a loan program designed to provide working capital to small business owners located in North Carolina, South Carolina, and Virginia, who currently are part of Novant Health’s supplier network. The process is streamlined and features a full online application process, expedited review by senior commercial lenders and a dedicated underwriting team. Read full press release
M&F Bancorp, Inc. Announces Fourth Quarter 2017 Results
DURHAM, N.C.— M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2017 today.
James H. Sills, III, President and CEO of the Company, commented, “The Company experienced improvements in asset quality, fee income and controlling non-interest expenses. In the fourth quarter, we did experience our best quarter of the year in terms of generating new loan growth, which helped off-set some pay downs that occurred at the end of the year. However, for the second time in our 110 year history, the Company realized a year-end loss. For 2017 the loss totaled $2.6 million. During the fourth quarter, we had two events that impacted our profitability. First, we had a large shared national credit, which declared bankruptcy and resulted in a charge-off in the amount of $1.5 million and largely resulted in the provision for loan losses of $1.2 million. Second, the enactment of the new federal tax law, signed in late December 2017, negatively affected the net loss for the Company for the year. Many banks large and small were hit with this onetime charge that comes from revaluing net deferred tax assets as a result of a decrease in income tax rate to 21%. Beginning in 2018, income tax expense will be positively affected by the substantial reduction in the corporate tax rate. The Company will continue to focus on our strategic priorities with emphasis on increasing loan volume.” Read full press release
M&F Bank Welcomes Tawanna McNeil as Branch Manager of Greensboro Branch
Greensboro, NC – M&F Bank recently added Tawanna McNeil as Branch Manager of their Greensboro office. McNeil brings to M&F considerable experience in retail banking, marketing, strategic planning and training. 
McNeil found M&F’s long history as a community bank focused on relationship banking appealing, naming it as a major reason for electing to join the Bank. “M&F sees customers as more than account numbers; that’s always been one of their strengths. I wanted to be a part of that, because customers matter to me as people as well. That’s why I pride myself on providing a very high level of customer service.” She currently is researching local organizations where she can lend her enthusiasm for helping others to a good cause.
McNeil earned a Bachelor of Science degree in Business Administration, Banking & Finance Management from Elizabeth City State University.
William Ray Named VP/Business Banker for M&F Bank’s Raleigh Market
Durham, NC – M&F Bank recently added William M. “Will” Ray to their business development team in the Raleigh market. Ray will serve as Vice President/Business Banker and operate out of the Bank’s Hargett Street branch in downtown Raleigh. His background includes consumer and commercial lending, consultative sales & relationship management, and financial analysis.
Ray joins M&F after having served successfully in positions of increasing responsibility with a number of regional banks. “I look forward to applying my energy and my experience in small business lending to the Bank’s efforts to increase commercial loan acquisition, and to help enhance its visibility throughout Raleigh and Wake County,” Ray said in describing his goals.
According to Ray, M&F Bank’s long-standing tradition of encouraging community service also meshes well with his own views toward civic involvement. He currently serves as a board member of FACES, Family & Community Empowerment Services, which helps provide resources and training to those who find themselves in emergent situations. “I appreciate the legacy of an institution founded 110 years ago to serve the historically underserved, and I’m excited to be part of a company that believes in ‘giving back’ to the community as I do.”
Ray is an alumnus of North Carolina State University, where he studied Business Management and Marketing.
M&F Bancorp, Inc. Announces Third Quarter 2017 Results
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2017 today.
James H. Sills, III, President and CEO of the Company, commented, “We continue to improve in all the operational areas of the Company. During the third quarter, we received our fifth Bank Enterprise Award (BEA) from the U.S. Treasury in the amount of $227,000, which is a testament to our commitment to serve low/moderate income communities within our footprint. We continue to experience improvements in deposit growth, fee income and controlling non-interest expenses. During the third quarter, we had flat loan growth, and we had a large shared national credit that impacted our profitability and delinquency ratios, which we continue to monitor very aggressively. For the fourth quarter, we anticipate our loans outstanding to increase based on the current pipeline and the Company will continue to focus on our strategic priorities with emphasis on increasing loan volume.” Read full press release
Michael Scott Named Manager of M&F Bank Offices in Durham
Durham, NC – M&F Bank, now celebrating its 110th anniversary as one of the country’s oldest community banks, has named Michael Scott Manager of its two offices in Durham, on Parrish Street downtown and on Durham Chapel Hill Boulevard.
Scott has spent almost 25 years in banking, including seven years in the Triangle as manager of one of the nation’s biggest banks. He welcomes the opportunity to work
in a smaller, community-oriented bank where he believes he “can make more of an impact on the lives of our customers.”
At M&F Bank, he said, “we can be much more responsive to our customers. In our local offices, we have the freedom to make decisions without going through a lot of red tape. We really do have a hands-on approach in meeting the needs of our customers.”
“I believe M&F Bank is now well-positioned to be the go-to bank for the Durham community, and I’m excited to be a part of this new era for M&F Bank. We have a rich history here and it is exciting to be a part of re-introducing M&F and building new relationship and strengthening old ones.”
Scott received the B.S. degree in business administration from Shaw University.
M&F Bank Names Lakisha Vann Manager of Raleigh Offices
Raleigh, NC –M&F Bank, the 110-year-old community bank based in the Triangle, has named Lakisha Vann as manager of the two offices in its Raleigh market.
Vann, who has extensive experience in banking and human resources, is the manager of the Hargett Street and Rock Quarry Road branches.
She has been a staffing and human resources manager at several health-related companies in the Triangle and previously was with national and regional banks.
What attracted Vann to M&F Bank, she said, is the bank’s focus on individualized service. 
“At M&F Bank we are able to develop relationships with our clients that I haven’t seen anywhere else. It is truly a relationship-based bank.”
“I feel so fortunate to be able to actually listen to our customers at both branches,” she said. “That’s something that just can’t occur at big banks. At the same time, we have current, up-to-date technology that benefits our customers in ways people couldn’t imagine even a few years ago.”
Vann is a native of Virginia but has lived in the Raleigh area for the past ten years. She is a graduate of Virginia State University with a degree in marketing and received the MBA degree from Capella University.
M&F Bank was founded in 1907 and has seven offices in Charlotte, Durham, Greensboro, Raleigh and, Winston-Salem.
M&F Bancorp, Inc. Announces Second Quarter 2017 Earnings
FOR IMMEDIATE RELEASE – August 4, 2017
DURHAM, N.C.– M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the second quarter of 2017 today.
James H. Sills, III, President, and CEO of the Company, commented, “We are focused on improving core earnings and expense containment. We continue to improve in all the operational areas of the Company. We have experienced improvements in deposit growth, fee income and controlling non-interest expenses. Our overall delinquency percentage remains steady in the 1.28% range as of June 30, 2017. During the second quarter, we had flat loan growth; however, we did close our first SBA loan with others in the pipeline, which will help to increase our loans outstanding.
Recently, we hired a new Chief Credit Officer and new commercial lender for our Charlotte market. These two staff additions along with increased sales activity will help attract new customers to the Company. For the remaining quarters in 2017, the Company intends to continue to make progress on our strategic priorities placing emphasis on increasing loan volume.” Read full press release
M&F Bank Names Pete Williams Senior Vice President and Chief Credit Officer
Durham, NC (July 10, 2017) – M&F Bank today announced the appointment of Pete Williams, who has spent decades with some of North Carolina’s largest banks, as Senior Vice President and Chief Credit Officer. M&F Bank has a strong, 110-year legacy in the state, but is poised to move more aggressively in its markets.
The bank is counting on Williams’ experience to play a key role in that growth. He spent the last 13 years as a senior manager at Credit Risk Management, a consulting firm that works with more than 100 community bank clients, where he worked to improve those banks’ credit and risk management processes.
Prior to that, Williams was with First Citizens Bank, where his last responsibility was as a Regional Executive Vice President.
Williams said he was drawn to M&F Bank because “M&F is in an excellent position to acquire new clients. A lot of people don’t know about M&F Bank, but we have a lot to offer, especially to clients who may have been at other community banks that have been acquired by much larger banks.”
New corporate direction at M&F’s headquarters in Durham has rejuvenated the bank that was founded in 1907. “Under the leadership of James H. Sills III, the bank has eliminated debt, strengthened marketing to appeal to a more diverse client base, and streamlined processes that enable officers to respond more efficiently to their customers’ needs and requests,” Williams said.
Williams received a degree in business administration from N.C. A&T State University in Greensboro. He is a graduate and former faculty member of the N.C. School of Banking in Chapel Hill.
M&F Bank has an age problem. It needs millennials to ‘bank black’
By Zachery Eanes zeanes@heraldsun.com
DURHAM
M&F Bank has branch locations in five cities across the state, including two in Durham. The branch pictured is located on Durham-Chapel Hill Boulevard in Durham.
When the influential rapper Killer Mike told his followers last year to put their money into minority-owned banks to show support for the black community, thousands of young African-Americans jumped to open accounts.
At Citizens Trust Bank in Atlanta alone, about 8,000 people applied in the days after the rapper’s comments.
A small bump was even seen here at Durham’s M&F Bank, where the average customer is 60 years old.
Yet the bank’s aging customer base continues to be a real problem, a trend at most black-owned banks in the U.S.
Founded in 1907 as Mechanics and Farmers Bank, M&F Bank is the second-oldest minority-owned bank in the U.S. and has long been a symbol of the Durham’s African-American community. It’s also the only black-owned bank based in North Carolina, with branches in Durham, Raleigh, Charlotte, Greensboro and Winston-Salem.
The bank, along with NC Mutual, made up what was known as Durham’s Black Wall Street, a grouping of black businesses in downtown that became an economic engine for the city’s African-American community during the Jim Crow era of racial discrimination.
But the firm has seen its struggles, like most black-owned banks, in recent years. Last year at M&F, the total number of deposits fell 9.9 percent, from 254,700 to 229,416, according to its annual report, and for the first time in its history the bank lost money during its fiscal year.
Across the country, the number of black-owned banks has fallen consistently for the past 15 years, declining to a total of 23 institutions this year – the lowest number in recent history, according to a report from The Wall Street Journal.
That decline of black-owned banks reflects both financial (the recession hit them especially hard) and demographic pressures, as the number of millennials opening accounts at black-owned banks is smaller than previous generations.
Attracting younger customers is critical, M&F CEO James H. Sills III said. “Eventually our older, extremely loyal customers will not be around, and for any bank (we) need new customers.”
Consulting the next generation
M&F recently formed the “Millennial Advisory Board,” a group young professionals that is recommending changes to its marketing and products.
The volunteer group is led by Marcus Howard, a 26-year-old graduate student at N.C. State University, who also runs a consulting company called Engage Millennials.
Howard was one of the thousands who heard Killer Mike’s “bank black” message and sought to move his savings account to a black-owned bank.
But after visiting a local branch, he found the experience disappointing, and emailed Sills about it. The email led to a meeting and later the advisory board.
Howard thinks the bank’s aging problem is due mainly to its messaging – or lack thereof.
“Millennials are all about social justice and about the meaning of doing things,” he said. “Knowing that M&F bank recycles more than 50 percent of its money right back into the community that they are located in, and that those communities are underprivileged and minorities – that story resonates with millennials.”
Sills agrees that millennials are unaware of all the bank has done over the years.
“(Millennials) don’t know the history and significance of banks from 100 years ago,” he said. “A lot of them are intrigued by that history and to make sure that we preserve the legacy of the institution we need to provide the services and products they are really looking for.”
Sills said the advisory board has already helped update the bank’s website and is changing how it does social media, so it can reach new customers who might not, for example, know that M&F has a mobile banking app.
It is also helping create a “millennial banking account.” It hasn’t been decided what services will be part of the account, but Sills did say millennials want an account that they can access on their phone, comes with a debit card and has free transfers.
Sills added that the bank already offers most of this, and that the new account is more about marketing.
The advisory board isn’t just about raising numbers, however. It’s also about preserving the bank’s future.
“It’s a staple in the community and we want make sure this institution in particular … survives and survives forever,” Howard said. “In order to do that we have to make sure millennials know about it and millennials support it.”
Forgotten history
For black banks to get younger it will require them to reverse a trend that spans generations.
Michael A. Grant – the president of the minority bank advocacy group the National Bankers Association – said he recently gave a speech at Clark Atlanta University where he asked a crowd of young, black business students if they knew Atlanta had three black-owned banks.
“Out of 200 people, 10 hands went up,” he said. Grant then asked how many had their money in one of those banks, and “the number was like three people.”
Black-owned banks have done a bad job reaching young millennials through marketing, he said, but the problem began a generation before them.
“There was a high degree of loyalty for these banks before the integration movement … (then) desegregation wrought a grand exodus,” he said.
The next generation – the parents of millennials – didn’t have the same loyalty as their parents did, he said.
Grant believes now is the time for black banks to win back those lost generations, especially as discrimination in American continues to be a controversial topic during the Trump presidency. But it’s also a critical opportunity for those banks with increasingly elderly customers.
Multiple studies have shown that minority-owned firms are less likely to apply for loans out of fear of reject, and when they do apply, they get turned down more frequently than white-owned businesses with the similar credit ratings.
Black banks should be building relationships with those consumers, Grant added.
“Consumers seek the best quality they can get, but in 2017, there is still a certain amount of discrimination going on,” he said.
“A black business has a far better chance from a black bank (to get a loan) than a majority bank,” Grant said. “If you want to strengthen your community you have to (invest) in your community.”
M&F Bank Hires Nighat Arif as Senior Vice President/Commercial Lender
Charlotte, NC(July 10, 2017) — M&F Bank has named Nighat Arif as Senior Vice President/Senior Commercial Lender in its expanding Charlotte market that includes a number of counties surrounding Charlotte.
Arif, who has been in banking for almost 30 years, has worked with large national banks and other community banks in this region, that eventually were acquired by larger national banks.
She has returned to community banking, she said, “Because I like to work one-on- one with my clients, who want to be treated like people, not account numbers.”
Arif also represents the diversity that is occurring at M&F Bank. A native of Pakistan, she said that when she began her banking career in the Washington, DC area, banks talked a lot about diversity, but did not do much about it.
James H. Sills III, the president and CEO of M&F Bank, has made diversity a key focus at the bank he has led for the past two years. Shortly after becoming president, he said M&F Bank would be building a diverse team of employees to reflect the diverse communities we serve.
Arif echoed that sentiment. “One reason I joined M&F Bank is that a new focus of the bank is to reach new communities in new markets. I’m excited about this. As our clients grow, our bank will grow, and so will employees.”
Arif received the B.A. degree in business administration and economics from the University Punjab Islamabad and has completed courses at the American Institute of Banking. She has been active in civic affairs in the communities in which she has lived and is a Certified Women Business Advocate.
M&F Bank was founded in 1907 and has seven offices in Charlotte, Durham, Greensboro, Raleigh and
Winston-Salem.
M&F Bank Gives Acree Expanded Role as Senior Vice President and Business Banker
DURHAM, NC (June 13, 2017) – Evelyn Acree, Senior Vice President of M&F Bank, has been given a new role at the bank that builds on her more than 30 years’ experience in banking and her hometown civic leadership and extensive personal relationships.
In addition to being Senior Vice President, Acree is now Business Banker for Winston-Salem and Forsyth County, historically one of M&F Bank’s key markets.
Acree spent the first decade of her banking career with a major national bank but has been with M&F since 1997. Her interest in banking goes back to her childhood when she would “play banking” with the brochures her parents picked up at their bank.
Mayor Bell Receives M&F Bank Founders Award
DURHAM, NC (June 7, 2017) – M&F Bank yesterday named the Honorable William V. “Bill” Bell, mayor of the City of Durham, as the recipient of its 9th annual Founders Award. The M&F Bank Founders Award recognizes individuals or entities that embody the “Founding Principles,” which are the signature values or attributes of the men who established the Bank 110 years ago, and which values have guided the Bank ever since. 
Those Principles include: success through industrious labor; courage & leadership; embracing diversity; “doing well by doing good;” responsible citizenship; investing one’s time & resources in the community; commitment to excellence and attention to detail; taking the opportunity to make a difference; and being a mentor and role model. (left to right) Director Lenny F. Springs, Mayor William V. “Bill” Bell, Director Raymond C. Pierce, Chairman James A. Stewart Read full press release
M&F Bancorp, Inc. Announces First Quarter 2017 Net Income
DURHAM, N.C. (April 27, 2017) — M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2017 today. James H. Sills, III, President and CEO of the Company, commented, “2017 is the year to grow the loan portfolio and generate core earnings. We believe that the Bank is sound, healthy and continues to be well-capitalized. From an overall loan portfolio perspective, “the clean-up” of the balance sheet that occurred in the third and fourth quarters of 2016 has positioned us to be more in line with the peer group banks. At the end of the first quarter, we had reduced our delinquency percentage to 1.15% compared to 2.00% at December 31, 2016. In addition, we reduced our other real estate owned (“OREO”) balance from $367,000 at December 31, 2016 to $0 at March 31, 2017. During the first quarter of 2017, we had positive earnings versus a projected loss. Our loans outstanding increased from $150.3 million (including those held for sale) at December 31, 2016 to $156.2 million at March 31, 2017. We are focused on growing the loans outstanding with good quality loans and serving the communities where we are located. We are extremely focused on sales, loan growth and expense control to generate more core earnings.” Read full press release
M&F Bancorp Sees Fourth Quarter Gain, Cleaner Balance Sheet Going Forward
DURHAM, N.C. (February 17, 2017) — M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2016 today. James H. Sills, III, President and CEO of the Company, commented, “2016 was the year to clean up the balance sheet. We continued the cleanup theme into the fourth quarter. We believe that the Bank is sound, healthy and continues to be well-capitalized; we view the actions taken during the year as a positive step to further improve the overall condition of the Bank. We reduced our delinquency percentage to 2.00% which is at a 10 year low. In addition, we reduced our OREO balance from $2.8 million as of January 1, 2016 to $367,000 at the end of the year. In the fourth quarter, we executed flawlessly, in terms of right sizing the balance sheet related to the liabilities, assets and capital account. In addition, we closed over $11.0 million in loans for the quarter. Further, in December we were fortunate to pay off TARP through the US Treasury early repurchase program. Read full press release
M&F Bancorp, Inc. Posts $2.3 Million Gain on Discounted TARP Redemption
DURHAM, N.C. (December 20, 2016) — M&F Bancorp, Inc. (“Company”) (OTCPink: MFBP), the parent company of M&F Bank (“Bank”), has redeemed, at a discount, all of the shares of preferred stock sold in August 20, 2010 to the U.S. Department of the Treasury (“Treasury”). The Company issued 11,735 shares of Series B Fixed Rate Cumulative Perpetual Preferred Stock to the Treasury under the Troubled Asset Relief Program (“TARP”) Community Development Capital Initiative. The Company paid $9.4 million to redeem the preferred stock, including approximately $23 thousand of accrued and unpaid dividends. The funds for the redemption came from existing financial resources of the Bank. Read full press release
M&F Bancorp Sees Third Quarter Loss, Cleaner Balance Sheet Going Forward
DURHAM, N.C.(November 4, 2016)– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2016 today.
James H. Sills III, President, and CEO of the Company, commented, “Over the past 24 months, we have committed to improving our asset quality ratios to be more in line with our peer banks in North Carolina. On September 30, 2014, our delinquency ratio was over 8.00% for our entire loan portfolio. In the most recent quarter, the Bank decreased its overall delinquency percentage to 2.75% as of September 30, 2016. The Company’s improvement in this metric has been profound with a reduction of over 65.00% for this very important ratio. Given this direction, the third quarter was the right time for us to sell $10.5 million in loans, which were not originated by the Company, but assumed during a 2008 Bank acquisition. The high operating costs of servicing those loans, and the delinquency rates associated with them, have had a negative impact on our overall performance. Read entire press release
Charlotte Small Business Conference – 2016
In Partnership with Charlotte Center City Partners and Johnson C Smith University, M&F Bank participated in the 2016 Charlotte Small Business Conference. The conference was designed to help the Charlotte area entrepreneurs and small business owners learn how to evolve and emerge. Click to see how M & F Bank is helping local business owners fulfill the dream of expanding their business. Read more and view pictures from the business conference.
M&F Bank Names Travis Rouse New Chief Sales Officer
DURHAM, NC (September 27, 2016) – M&F Bank today announced the addition of Travis C. Rouse as Chief Sales Officer. In this role, Rouse will provide leadership and coaching for M&F Bank’s lenders in commercial credit decisions, planning and implementing effective loan growth strategies, ensure compliance with risk controls and policies.
Rouse joins the Bank with 17 years of business banking, credit analysis, coaching and development with several North Carolina regional banks. He has an impressive record of client acquisition, customer retention, and revenue growth accomplishments, 
which he plans to replicate in pursuit of his new objectives with M&F Bank. “I look forward to working with our CEO, Jim Sills, and the members of the M&F team help the bank become a preferred provider of financial solutions in the markets we serve,” Rouse said.
He received his Bachelor’s degree in business management from North Carolina State University and is an alumnus of the CBA Graduate School of Retail Bank Management at Furman University. Rouse is a Past Chair of the Better Business Bureau of Eastern North Carolina, where he has been a board member since 2006. He also serves on the board of Boys and Girls Club of Greater Durham, Inc.
M&F Bank Honors Flores, Mount Level MBC
DURHAM, NC (June 7, 2016) – M&F Bank celebrated the 2016 recipients of the M&F Bank Founders Award during Tuesday’s Annual Meeting of Shareholders of M&F Bancorp, Inc., recognizing Mount Level Missionary Baptist Church (“Mount Level MBC”), and Eleazar and Roselia Flores, of the Flores Corporation, Inc. The annual award recognizes individuals or entities that embody the “Founding Principles” based on hallmark values or attributes of the men who established the Bank in 1907, and which have guided the Bank ever since. Those Principles include:
success through industrious labor; courage and leadership; embracing diversity; “doing well by doing good;” responsible citizenship; investing one’s time & resources in the community; commitment to excellence and attention to detail; taking the opportunity to make a difference;
The selection of Mount Level MBC reflects that entity’s commitment to the Principles of philanthropy, citizenship, and investing in the community. Founded in 1864, the church has been serving its congregation and surrounding vicinities for over 150 years. Mount Level MBC states that its ministries “encompass the broadest 
dimensions of personal and corporate life: worship, work, education, recreation; as well as social, political and economic concerns,” and its outreach work includes a food pantry, a meals-on-wheels program, and foreign missions. Their separate Community Haven 501(c)(3) organization is a member of the North Carolina Community Garden Partners and operates a community garden that serves individuals and households with limited access to fresh fruits and vegetables. Mrs. Margaret Morrison, Vice Chair of Mount Level MBC’s Deacon Board, accepted the award, telling the audience that the many of the ministries highlighted during the event “were accomplished with a side-by-side partnership with M&F Bank.” Read full press release.
M&F Bank Strategically Building Commercial Lending Team
DURHAM, NC (May 23, 2016) – M&F Bank recently welcomed two experienced lenders to its commercial lending team; Steven Blalock now serves as SVP/Senior Commercial Loan Officer in the Raleigh market, and Damien Gorham is the new VP/Commercial Loan Officer in the Greensboro market. The addition of seasoned and 
successful lenders is M&F’s latest step in their plan to expand the Bank’s customer base, increase loan sales, and enhance asset growth.
Blalock joins the Bank with more than 20 years of lending, loan management, retail banking and business development experience with several Triangle-area banks. He is an active board member of the Fuquay-Varina Chamber of Commerce and other community organizations. He holds a BSBA in marketing and economics from
Appalachian State University. Blalock stated that he “is eager to partner with businesses and business owners in the Triangle to help them reach their financial goals, and help M&F become the ‘community bank of choice’ in this region.”
Gorham’s 20 years of experience includes credit analysis, loan underwriting special asset management, portfolio management and relationship management with several Greensboro institutions. He holds a BA with a concentration in business from NC A&T State University. Gorham says he is “excited about helping to expose a larger and more diverse client base to M&F’s legacy of service.” Read full press release.
Winston-Salem Urban League named organization of the year by the Winston-Salem Chronicle.
WINSTON-SALEM, NC (April 23, 2016) – On Saturday, April 23 at its 31st annual community service awards banquet, the Winston-Salem Chronicle presented the Organization of the Year Award to the Winston-Salem Urban League. The Chronicle, established in 1974, is Winston-Salem’s oldest community newspaper. The Chronicle foc
uses on positive news in Winston-Salem and surrounding area.
James Perry, the Winston-Salem Urban League CEO remarked, “Evelyn is visionary. Her eyes focus exclusively on success. This award is a testament to her leadership, the board’s commitment, and the staff’s hard work. We are humbled by the Chronicle’s recognition.”
Read full press release.
Cristina Velasquez Named AVP/Human Resources Manager for M&F Bank
DURHAM, NC (March 21, 2016) – M&F Bank this week announced the promotion of Cristina Velasquez to the position of AVP/Human Resources Manager. In her new role, Ms. Velasquez provides leadership in recruitment, retention, and internal communications; her responsibilities also include oversight of payroll and benefits.
Ms. Velasquez is a certified Human Resources Professional and received a B.A. in Economics from the University of North Carolina at Chapel Hill. She previously had served as M&F’s Assistant Controller/HR Manager. Prior to joining M&F Bank, she held positions of increasing responsibility at Harrington Bank and the Latino Community Credit Union.
“Cristina’s communication skills, experience in community banking and in cultivating diverse relationships, combined with her mastery of the technical and operational aspects of the human resources field, have already made a positive impact on the organization,” said Randall Hall, SVP/CFO, who heads M&F’s Finance, HR, Deposit Operations and IT departments.
July 22, 2015 – Patricia R. Healy Joins Board of M&F Bancorp, Inc.
Durham, NC (July 22, 2015) – M&F Bancorp, Inc. today announced that Patricia Healy has been elected to the Board of Directors of M&F Bancorp, Inc. Ms. Healy is the Managing Principal with the investment firm of Hyde Street Holdings, LLC (“Hyde Street Holdings”), located in Raleigh, NC.
“Ms. Healy brings considerable expertise in banking, finance, real estate and corporate governance. We are very pleased and honored to have a new Board member of her caliber supporting the work of M&F Bancorp, Inc.” said James A. Stewart, Chairman of the M&F Bancorp, Inc. and M&F Bank Boards of Directors.
At Hyde Street Holdings, Healy, Co-Founder, and Managing Principal has built and sold companies, valued, consulted and acquired all types of assets. Prior to Hyde Street Holdings, Healy was Co-Founder and CEO of the Hanford/Healy Companies, a valuation, consulting, asset management and investment management firm. She has also held various management and board positions with real estate and financial firms. “I look forward to working with M&F Bancorp, Inc. and assisting in any way possible to further its goals and objectives,” said Healy.
Read full press release.
June 10, 2015 – Welcome Malcolm Davis
Malcolm Davis, AIA, Principal, joined Gantt Huberman Architects in 1993 and is responsible for all phases of design, 
contract documents, and construction contract administration. His passion lies in fostering collaboration between owner and architect, responsible innovation, concept driven design, and integrating of sustainable design objectives. Malcolm has served as Board Member for AIA Charlotte and is currently serving on the Board of Directors for the Bechtler Arts Foundation. Gantt Huberman Architects is a Division of Bergmann Associates, Inc.
June 9, 2015 – 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.
>> Read full press release<<
June 3, 2015 – Novant Health, Andy Widmark Receive M&F Bank Founders Award
Durham, NC (June 3, 2015) – M&F Bank celebrated the 2015 recipients of the Mechanics and Farmers Bank Founders Award during Tuesday’s Annual Meeting of Shareholders of M&F Bancorp, Inc., recognizing Novant Health and Andrew B. “Andy” Widmark, Esq. The annual award recognizes individuals or entities that embody the “Founding Principles” based on hallmark values or attributes of the men who established the Bank in 1907, and which have guided the Bank ever since. Those Principles include: success through industrious labor; courage & leadership; embracing diversity; “doing well by doing good;” responsible citizenship; investing one’s time & resources in the community; commitment to excellence and attention to detail; taking the opportunity to make a difference; and being a mentor and role model. >>Read full press release<<
May 7, 2015 – Jerome Gray – SBA Minority Business Advocate of the Year.
The U.S. Small Business Administration has named Jerome Gray the 2015 Minority Business Advocate for North Carolina. Gray is vice president/senior commercial lender at Mechanics and Farmers Bank in Greensboro. This award recognizes his achievements on behalf of minority-owned small businesses.
April 11, 2015 – New City Advisory Board in Charlotte – Rocio Gonzales
Rocio Gonzales was appointed to the City Advisory Board member for Charlotte. Rocio has a diverse background, which includes her current position as Executive Director for the Latin American Chamber of Commerce in Charlotte. In addition, she brings a wealth of knowledge in the mortgage arena. Rocio worked at Allen Tate Company for nine (9) years in various roles. Rocio is well known in Charlotte as well as the Latin American community. We believe that Rocio will be a great asset to our City Advisory Board.
