CONTACT:
John G. Copeland
EVP & Chief Financial Officer
(662) 289-8594

August 12 , 2005

FOR IMMEDIATE RELEASE

First M&F Corp. reports second quarter 2005 earnings

KOSCIUSKO, Miss. - The board of directors of First M&F Corp., at its meeting August 10, 2005, declared a quarterly cash dividend of $.26 per share, payable September 30, 2005, to stockholders of record as of September 19, 2005.

First M&F Corp. (NASDAQ:FMFC) is a $1.2 billion community bank holding company, with banking locations throughout Central and North Mississippi.