U.S. Treasury program encourages Minority Depository Institutions (MDIs) to support small businesses and consumers in their communities.

DURHAM, N.C., Jan. 5, 2022 – M&F Bancorp, Inc. (“Company”) parent company of M&F Bank (“Bank”), the second-oldest African American-owned bank in the United States, announced today that it has been allocated $76 million from the U.S. Treasury as part of the Emergency Capital Investment Program (“ECIP”). This investment is expected to increase the capital of the Company to over $117 million. This investment is a testament to the strength of the franchise, health and soundness of the Company and its abilities to positively impact disadvantaged communities within its markets.

U.S. Treasury program encourages Minority Depository Institutions (MDIs) to support small businesses and consumers in their communities.

DURHAM, N.C., Jan. 5, 2022

M&F Bancorp, Inc. (“Company”) parent company of M&F Bank (“Bank”), the second-oldest African American-owned bank in the United States, announced today that it has been allocated $76 million from the U.S. Treasury as part of the Emergency Capital Investment Program (“ECIP”). This investment is expected to increase the capital of the Company to over $117 million. This investment is a testament to the strength of the franchise, health and soundness of the Company and its abilities to positively impact disadvantaged communities within its markets.

Insurance and Financial Services Expert to Support Continued Growth at M&F Bank

DURHAM, N.C., Dec. 20, 2021

M&F Bank today announced the appointment of award-winning financial services professional, Emma Allen, to its Board of Directors. In this role, Allen will primarily support the organization’s mission and purpose by championing small business owners in the community, building awareness of M&F Bank and its offerings in local neighborhoods.

Insurance and Financial Services Expert to Support Continued Growth at M&F Bank

DURHAM, N.C., Dec. 20, 2021

M&F Bank today announced the appointment of award-winning financial services professional, Emma Allen, to its Board of Directors. In this role, Allen will primarily support the organization’s mission and purpose by championing small business owners in the community, building awareness of M&F Bank and its offerings in local neighborhoods.

SALISBURY, N.C., Nov. 16, 2021 (GLOBE NEWSWIRE) — Food Lion, an omnichannel retailer serving towns and cities across 10 states, today announced a $50 million deposit supporting M&F Bank, the second-oldest minority-owned bank in the United States. M&F Bank has branches located in Durham, Raleigh, Charlotte, Greensboro and Winston-Salem, NC. The deposit will provide the bank with greater financial opportunities for the communities it serves including loans to small businesses, investments in technology and financial literacy programs.

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 third quarter of 2021 and a quarterly cash common dividend of $0.02 per share.

Third Quarter 2021 Highlights

• Basic and diluted earnings per common share of $0.44 for the three months ended September 30, 2021, up $0.28 from $0.16 for the same period in 2020; basic and diluted earnings per common share of $0.98 for the nine months ended September 30, 2021, up $0.83 from $0.15 for the same period in 2020