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

November 16, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. declares quarterly dividend

KOSCIUSKO, Miss.- The board of directors of First M&F Corp., at its meeting November 10, 2004 , declared a quarterly cash dividend of $.25 per share, payable December 31, 2004 , to stockholders of record as of December 17, 2004 .

First M&F Corp. (NASDAQ:FMFC) is a $1.1 billion community bank holding company, Making Mississippi Better, with banking locations throughout Central and North Mississippi.