CONTACT:
Sherry Ashley
SVP & Director of Marketing
(662) 289-8506

July 22, 2004

FOR IMMEDIATE RELEASE

M&F Bank Names New Jackson President

Kosciusko, MS— M&F Bank recently announced that Greg Thompson has joined the bank as President of the Jackson, Mississippi office.

As President, he will oversee all banking aspects of the branch including business development, lending and retail.

Thompson, with more than 13 years of experience in the banking industry, has held
key positions at Norwest Financial in Cleveland, Mississippi and Deposit Guaranty National Bank in Tupelo. He most recently served as Branch President of BancorpSouth in Clinton, Mississippi.

A native of Oxford, Thompson earned his bachelor’s degree from Jackson State University. He is also a graduate of the Graduate School of Banking at Louisiana State University.

Active in the community, Thompson serves as a Board Member for the Mississippi Health Care Trust Fund and the Mississippi School of Mathematics and Science. He has also been recognized as a Mississippi Trailblazer for 2004.

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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