News about M&F Bank
M&F Bancorp, Inc. Announces First Quarter 2017 Net Income
DURHAM, N.C. (April 27, 2017) — M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the first quarter of 2017 today. James H. Sills, III, President and CEO of the Company, commented, “2017 is the year to grow the loan portfolio and generate core earnings. We believe that the Bank is sound, healthy and continues to be well-capitalized. From an overall loan portfolio perspective, “the clean-up” of the balance sheet that occurred in the third and fourth quarters of 2016 has positioned us to be more in line with the peer group banks. At the end of the first quarter, we had reduced our delinquency percentage to 1.15% compared to 2.00% at December 31, 2016. In addition, we reduced our other real estate owned (“OREO”) balance from $367,000 at December 31, 2016 to $0 at March 31, 2017. During the first quarter of 2017, we had positive earnings versus a projected loss. Our loans outstanding increased from $150.3 million (including those held for sale) at December 31, 2016 to $156.2 million at March 31, 2017. We are focused on growing the loans outstanding with good quality loans and serving the communities where we are located. We are extremely focused on sales, loan growth and expense control to generate more core earnings.” Read entire press release
M&F Bancorp Sees Fourth Quarter Gain, Cleaner Balance Sheet Going Forward
DURHAM, N.C. (February 17, 2017) — M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the fourth quarter of 2016 today. James H. Sills, III, President and CEO of the Company, commented, “2016 was the year to clean up the balance sheet. We continued the cleanup theme into the fourth quarter. We believe that the Bank is sound, healthy and continues to be well-capitalized; we view the actions taken during the year as a positive step to further improve the overall condition of the Bank. We reduced our delinquency percentage to 2.00% which is at a 10 year low. In addition, we reduced our OREO balance from $2.8 million as of January 1, 2016 to $367,000 at the end of the year. In the fourth quarter, we executed flawlessly, in terms of right sizing the balance sheet related to the liabilities, assets and capital account. In addition, we closed over $11.0 million in loans for the quarter. Further, in December we were fortunate to pay off TARP through the US Treasury early repurchase program. Read entire Press Release
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 entire Press Release
M&F Bancorp Sees Third Quarter Loss, Cleaner Balance Sheet Going Forward
DURHAM, N.C.(November 4, 2016)– M&F Bancorp, Inc. (“Company”), the parent company of M&F Bank (“Bank”), announced unaudited financial results for the third quarter of 2016 today.
James H. Sills III, President and CEO of the Company, commented, “Over the past 24 months, we have committed to improving our asset quality ratios to be more in line with our peer banks in North Carolina. On September 30, 2014, our delinquency ratio was over 8.00% for our entire loan portfolio. In the most recent quarter, the Bank decreased its overall delinquency percentage to 2.75% as of September 30, 2016. The Company’s improvement in this metric has been profound with a reduction of over 65.00% for this very important ratio. Given this direction, the third quarter was the right time for us to sell $10.5 million in loans, which were not originated by the Company, but assumed during a 2008 Bank acquisition. The high operating costs of servicing those loans, and the delinquency rates associated with them, have had a negative impact on our overall performance. Read entire Press Release
Charlotte Small Business Conference – 2016
In Partnership with Charlotte Center City Partners and Johnson C Smith University, M&F Bank participated in the 2016 Charlotte Small Business Conference. The conference was designed to help the Charlotte area entrepreneurs and small business owners learn how to evolve and emerge. Click to see how M & F Bank is helping local business owners fulfill the dream of expanding their business. Read more and view pictures from business conference.
Rouse joins the Bank with 17 years of business banking, credit analysis, coaching and development with several North Carolina regional banks. He has an impressive record of client acquisition, customer retention, and revenue growth accomplishments, which he plans to replicate in pursuit of his new objectives with M&F Bank. “I look forward to working with our CEO, Jim Sills, and the members of the M&F team help the bank become a preferred provider of financial solutions in the markets we serve,” Rouse said.
He received his Bachelors degree in business management from North Carolina State University, and is an alumni of the CBA Graduate School of Retail Bank Management at Furman University. Rouse is a Past Chair of the Better Business Bureau of Eastern North Carolina, where he has been a board member since 2006. He also serves on the board of Boys and Girls Club of Greater Durham, Inc.
M&F Bank Honors Flores, Mount Level MBC
The selection of Mount Level MBC reflects that entity’s commitment to the Principles of philanthropy, citizenship, and investing in the community. Founded in 1864, the church has been serving its congregation and surrounding vicinities for over 150 years. Mount Level MBC states that its ministries “encompass the broadest dimensions of personal and corporate life: worship, work, education, recreation; as well as social, political and economic concerns,” and its outreach work includes a food pantry, a meals-on-wheels program, and foreign missions. Their separate Community Haven 501 [c] 3 organization is a member of the North Carolina Community Garden Partners, and operates a community garden that serves individuals and households with limited access to fresh fruits and vegetables. Mrs. Margaret Morrison, Vice Chair of Mount Level MBC’s Deacon Board, accepted the award, telling the audience that the many of the ministries highlighted during the event “were accomplished with a side-by-side partnership with M&F Bank.” See full press release.
M&F Bank Strategically Building Commercial Lending Team
Blalock joins the Bank with more than 20 years of lending, loan management, retail banking and business development experience with several Triangle-area banks. He is an active board member of the Fuquay-Varina Chamber of Commerce and other community organizations. He holds a BSBA in marketing and economics from
Gorham’s 20 years of experience includes credit analysis, loan underwriting special asset management, portfolio management and relationship management with several Greensboro institutions. He holds a BA with a concentration in business from NC A&T State University. Gorham says he is “excited about helping to expose a larger and more diverse client base to M&F’s legacy of service.” See full press release.
Winston-Salem Urban League named organization of the year by the
WINSTON-SALEM, NC (April 23, 2016) – On Saturday, April 23 at its 31st annual community service awards banquet, the Winston-Salem Chronicle presented the Organization of the Year Award to the Winston-Salem Urban League. The Chronicle, established in 1974, is Winston-Salem’s oldest community newspaper. The Chronicle focuses on positive news in Winston-Salem and surrounding area.
James Perry, the Winston-Salem Urban League CEO remarked, “Evelyn is visionary. Her eyes focus exclusively on success. This award is a testament to her leadership, the board’s commitment and the staff’s hard work. We are humbled by the Chronicle’s recognition.”
Cristina Velasquez Named AVP/Human Resources Manager for M&F Bank
DURHAM, NC (March 21, 2016) – M&F Bank this week announced the promotion of Cristina Velasquez to the position of AVP/Human Resources Manager. In her new role, Ms. Velasquez provides leadership in recruitment, retention, and internal communications; her responsibilities also include oversight of payroll and benefits.
Ms. Velasquez is a certified Human Resources Professional, and received a B.A. in Economics from the University of North Carolina at Chapel Hill. She previously had served as M&F’s Assistant Controller/HR Manager. Prior to joining M&F Bank, she held positions of increasing responsibility at Harrington Bank and the Latino Community Credit Union.
“Cristina’s communication skills, experience in community banking and in cultivating diverse relationships, combined with her mastery of the technical and operational aspects of the human resources field, have already made a positive impact on the organization,” said Randall Hall, SVP/CFO, who heads M&F’s Finance, HR, Deposit Operations and IT departments.
July 22, 2015 – Patricia R. Healy Joins Board of M&F Bancorp, Inc.
Durham, NC (July 22, 2015) – M&F Bancorp, Inc. today announced that Patricia Healy has been elected to the Board of Directors of M&F Bancorp, Inc. Ms. Healy is the Managing Principal with the investment firm of Hyde Street Holdings, LLC (“Hyde Street Holdings”), located in Raleigh, NC.
“Ms. Healy brings considerable expertise in banking, finance, real estate and corporate governance. We are very pleased and honored to have a new Board member of her caliber supporting the work of M&F Bancorp, Inc.” said James A. Stewart, Chairman of the M&F Bancorp, Inc. and M&F Bank Boards of Directors.
At Hyde Street Holdings, Healy, Co-Founder and Managing Principal, has built and sold companies, valued, consulted and acquired all types of assets. Prior to Hyde Street Holdings, Healy was Co-Founder and CEO of the Hanford/Healy Companies, a valuation, consulting, asset management and investment management firm. She has also held various management and board positions with real estate and financial firms. “I look forward to working with M&F Bancorp, Inc. and assisting in any way possible to further its goals and objectives,” said Healy.
Durham, NC (July 8, 2015) – M&F Bank announced the recent hire of John J. Keane to be SVP/Chief Credit Officer. Keane’s responsibilities will include leading M&F’s efforts to build loan relationships within the professional and small business communities.
Keane, a banking veteran of nearly 30 years, was one of three managing executives who built First Trust Bank out of Charlotte, N.C. He is a Certified Management Accountant with experience in Forensic Accounting. Keane holds a B.S. degree in Accounting from the University of North Carolina at Charlotte, as well as a B.S. degree in Business Management from West Liberty University, West Liberty, WV, and an M.B.A from University of North Carolina at Charlotte. He also is a graduate of the Stonier Graduate School of Banking, the N.C. Banking Commissioner’s Directors’ College and Advanced Directors’ College, the Excellence in Speaking Institute in Charlotte, and Leadership Charlotte. Keane has training as a Novell Network Administrator, and has served in numerous leadership positions with the Risk Management Association. More..
Malcolm Davis, AIA, Principal, joined Gantt Huberman Architects in 1993 and is responsible for all phases of design, contract documents and construction contract administration. His passion lies in fostering collaboration between owner and architect, responsible innovation, concept driven design, and integrating of sustainable design objectives. Malcolm has served as Board Member for AIA Charlotte and is currently serving on the Board of Directors for the Bechtler Arts Foundation. Gantt Huberman Architects is a Division of Bergmann Associates, Inc.
June 9, 2015 – Black-Owned Banks Must Revisit Their Business Models, M&F Chief Says
One of the nation’s oldest black-owned banks is revamping its business model.
Cognizant that the number of banks that cater specifically to African-Americans is in decline, M&F Bancorp in Durham, N.C., has launched an effort to expand beyond its core clientele. The 107-year-old company made headlines last week by recruiting a local lawyer to become its first non-black director.
The $297 million-asset company will also rename its Mechanics & Farmers Bank, rebranding as M&F Bank to attract more young professionals. That change should take place in the next few months.
June 3, 2015 – Novant Health, Andy Widmark Receive M&F Bank Founders Award
Durham, NC (June 3, 2015) – M&F Bank celebrated the 2015 recipients of the Mechanics and Farmers Bank Founders Award during Tuesday’s Annual Meeting of Shareholders of M&F Bancorp, Inc., recognizing Novant Health and Andrew B. “Andy” Widmark, Esq. The annual award recognizes individuals or entities that embody the “Founding Principles” based on hallmark values or attributes of the men who established the Bank in 1907, and which have guided the Bank ever since. Those Principles include: success through industrious labor; courage & leadership; embracing diversity; “doing well by doing good;” responsible citizenship; investing one’s time & resources in the community; commitment to excellence and attention to detail; taking the opportunity to make a difference; and being a mentor and role model. >>Read More<<
May 7, 2015 – Jerome Gray – SBA Minority Business Advocate of the Year.
The U.S. Small Business Administration has named Jerome Gray the 2015 Minority Business Advocate for North Carolina. Gray is vice president/senior commercial lender at Mechanics and Farmers Bank in Greensboro. This award recognizes his achievements on behalf of minority-owned small businesses.
April 11, 2015 – New City Advisory Board in Charlotte – Rocio Gonzales
Rocio Gonzales was appointed to the City Advisory Board member for Charlotte. Rocio has a diverse background, which includes her current position as Executive Director for the Latin American Chamber of Commerce in Charlotte. In addition, she brings a wealth of knowledge in the mortgage arena. Rocio worked at Allen Tate Company for nine (9) years in various roles. Rocio is well known in Charlotte as well as the Latin American community. We believe that Rocio will be a great asset to our City Advisory Board.