A Brief History

At the turn of the 20th century, African Americans had few opportunities to obtain financing for their business ventures or homes. There were equally few options for them to safely place money on deposit and earn interest, at least with established banking institutions. The founders had a dream for their community. The nine businessmen – the pioneers - who became the original incorporators of Mechanics and Farmers Bank were successful representatives of various professions, trades and crafts who shared a collective dream for their community and for their people. They were active community builders, and by the time M&F Bank was chartered on February 25, 1907, 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, anchored by what became known as “the Black Wall Street.”

The Bank’s mission is a commitment to promoting personal and community development. This mission is the core of our business, and we remain true to the values that have stood the test of time. Helping people build stronger lives, both personally and professionally, and helping businesses and community institutions grow and develop, are the philosophical tenets that inform our decisions and guide our actions. This is evidenced in the businesses, churches and universities that still operate today because of M&F Bank’s dedicated support.

A condensed timeline of M&F Bank’s history:

  • Founded February 25, 1907
  • Opened for business August 1908 at 112 W. Parrish St.
  • Merged with Fraternal Bank & Trust in 1921
  • Expanded to Raleigh in 1923
  • Became NC’s 1st lending institution to be certified by the FHA in 1935; the same year, assets exceeded $1 million
  • Expanded to Charlotte in 1962
  • Purchased 116 W. Parrish St. headquarters building in 1965
  • Expanded to Winston-Salem in 1981
  • Black Enterprise “Bank of the Year” in 1987
  • Assets exceeded $100 million in 1991
  • Purchased new headquarters building at 2634 Durham Chapel Hill Blvd. in 1999
  • Certified as a Community Development Financial Institution (CDFI) in 2002
  • Launched state-wide financial literacy program in 2002
  • Assets exceeded $200 million in 2003
  • Awarded Bank Enterprise Award (BEA) by the Community Development Financial Institution Fund of the US Treasury in 2002, 2004 for work done in providing financing in economically-distressed communities and promoting financial literacy
  • Celebrated 100th anniversary of the founding of the Bank on February 25, 2007
  • M&F Bank has been a profitable institution every year since opening its doors

Read about our past.
Learn about our founders.
Join us in celebration.