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Durham’s M&F Bank aims to keep up ‘wave of momentum’ for asset growth – Triangle Business Journal

How this Durham bank aims to keep ‘wave of momentum’ from PPP, social justice movement

Aug 18, 2021, 7:00am EDT

After a year like no other, Durham based M&F Bank is “firing on all cylinders,” according to CEO Jim Sills. M&F, a historically Black-owned institution, was once at the center of what was called Black Wall Street in Durham. But it’s struggled to find relevance in recent years as big banks – from Wells Fargo (NYSE: WFC) to Bank of America (NYSE: BAC) – rack up market share in  the Triangle

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Durham’s M&F Bank joins Citi program for ‘more equitable’ lending

DURHAM – M&F Bank is joining a new Citi Bank-led lending platform to help small-to-medium-sized businesses access loans of up to $10 million.

The North Carolina-based bank – the second oldest minority bank in the U.S. — is one of 18 banks chosen to join the Bridge built by Citi platform that aims to make the borrowing process “more equitable.”

Described as a “digital meeting place,” it allows borrowers and lenders to connect through a “simple online request.” They can also track the loan process in real-time.

“We are excited to be included,” James Sills, M&F Bank’s president and CEO, told WRAL TechWire. “The Bridge platform allows us to cast the net wider to lend beyond our five primary markets using technology.


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ChannelAdvisor Announces $3M Deposit at M&F Bank in Support of Minority-Owned Businesses

RESEARCH TRIANGLE PARK, N.C.Aug. 31, 2021 /PRNewswire/ — ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales, announced today that it has made a $3 million deposit at M&F Bank, a historic Durham-based community bank committed to personal and community development in North Carolina. Both companies are teaming up to help promote sustainable growth among local minority-owned businesses.

With this deposit, ChannelAdvisor recognizes M&F Bank’s long-standing mission to provide financial solutions, including commercial loan opportunities, for individuals and business owners in underserved communities. As the second-oldest Black-owned bank in the U.S., M&F Bank was the ideal financial institution for ChannelAdvisor’s deposit, which aims to bolster the inclusive recoveries of companies impacted by the ongoing pandemic.


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Jim Sills Appointed Chairman of North Carolina Bankers Association (NCBA)

RALEIGH, N.C. – The North Carolina Bankers Association (NCBA) has announced its board of directors for the 2021-2022 term. Leading its new board, effective following the NCBA’s 125th Annual Convention from June 13 – 15, 2021, will be incoming chairman, Jim Sills, president and CEO for M&F Bank in Durham. Mary Willis, president and CEO of Fidelity Bank in Fuquay Varina, will serve as vice chairman.


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M&F Bancorp, Inc. Announces First Quarter 2021 Results, and Issues Quarterly Dividend

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 2021 today.  James H. Sills III, President and CEO of the Company, commented, “The first quarter of 2021 was one of the best for the Company in many years. We are continuing to experience strong total asset and deposit growth. I am pleased to report that along with improved core earnings, the Company recently announced a $0.02 per share common stock cash dividend payable to shareholders in May 2021.


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M&F Bancorp, Inc. Announces Cash Dividend

DURHAM, NC (April 28, 2021) 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 $0.02 per share payable on May 19, 2021 to shareholders of record as of May 10, 2021. James A. Stewart, Chairman of the Board, stated, “We are pleased to announce this dividend based on improved Company performance. Like most banks, we have been watchful of the economic effects of the COVID-19 pandemic, and we are greatly relieved that the worst fears of economic crisis were not realized.” The Company is a bank holding company headquartered in Durham, NC with assets of approximately $309 million as of December 31, 2020. The 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.


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Why we need Black-owned banks

DURHAM, NC (Feb 1, 2021) — Black-owned community banks have a long history of serving Americans historically left out of the mainstream banking system. Many well-established community banks continue this legacy today, but one troubling trend has emerged in the past two decades: The number of Black-owned banks is steadily declining. How can the industry advocate for change to help these banks—and their customers—thrive?

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