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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

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