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Sherry Ashley
SVP and Director of Marketing
(662) 289-8506

June 25, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. names new Chief Financial Officer

Kosciusko, MS — M&F Bank recently announced that John Copeland has joined the bank as Chief Financial Officer.

As CFO, he will be responsible for the Finance Division, which includes controller functions, external and regulatory reporting, financial information systems, taxation, and strategic financial and profit planning.

Copeland, with more than 25 years of experience in the banking industry, has held key management positions at the former First United Bancshares in El Dorado, Arkansas and Union Planters Corporation in Memphis. Most recently he was a managing director of a small investment banking firm that specializes in mergers and acquisitions for financial institutions.

"John has a proven track record of accomplishments involving the planning and implementation of corporate objectives. His knowledge and experience in managing growth and change in the financial industry will help ensure we achieve our goals," said M&F Chairman and CEO, Hugh Potts, Jr. "I am confident he will serve as a strong leader in his new role."

A native of Memphis, Copeland earned his bachelor’s degree in accounting from Memphis State University. He is a CPA and a member of the American Institute of Certified Public Accountants and the Tennessee Society of Certified Public Accountants.

First M&F Corporation, headquartered in Kosciusko, Mississippi, is a full service provider of banking, trust, securities brokerage and insurance products and services. As of March 31, 2004, M&F had $1.1 billion in assets and is one of the ten largest banks in the state. Serving customers throughout Mississippi and Memphis, Tennessee, First M&F has 35 offices including 9 insurance agency locations. M&F is a publicly held company and is traded on the NASDAQ National Market System under the symbol FMFC.

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