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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

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