CONTACT:
Hugh S. Potts, Jr.
Chief Executive Officer
(662) 289-8501

February 20, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. declares quarterly dividend

KOSCIUSKO, Miss.-(NASDAQ:FMFC)- The board of directors of First M&F Corp., at its meeting February 11, 2004, declared a quarterly cash dividend of $.25 per share, payable March 31, 2004, to stockholders of record as of March 18, 2004.

First M&F Corp. is a $1.08 billion community bank holding company, Making Mississippi Better, with banking locations throughout Central and North Mississippi.