8-K

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549



                                    FORM 8-K



                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



          Date of Report (Date of earliest event reported) May 1, 2001
                                                           -----------


                               M&F BANCORP, INC.
                               -----------------
             (Exact name of registrant as specified in its charter)


                                 North Carolina
                                 --------------
                 (State or other jurisdiction of incorporation)


             0-27307                                   56-1980549
           ------------                            ------------------
           (Commission                               (IRS Employer
           File Number)                            Identification No.)


     2634 Chapel Hill Blvd., P.O. Box 1932, Durham, North Carolina    27702
     ------------------------------------------------------------------------
     (Address of principal executive offices)                      (Zip Code)


                                 (919) 683-1521
                                 --------------
              (Registrant's telephone number, including area code)


ITEM 5.  OTHER EVENTS.

     On May 1, 2001, M&F Bancorp, Inc., the parent company of Mechanics and
Farmers Bank, Durham, North Carolina, announced that Benjamin S. Ruffin had been
elected as Chairman of the Board and Joseph M. Sansom as Vice Chairman.  It was
further announced Lee Johnson, Jr., would serve as President/Chief Executive
Officer, effective May 1, 2001.  Mr. Johnson, formerly served as President/Chief
Operating Officer.  M&F Bancorp, Inc.'s May 1 press releases, announcing these
changes, are included as an exhibit to this filing.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

     (c)  Exhibits

          99  Press Release of M&F Bancorp, Inc., dated May 1, 2001



                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.


                                      M&F BANCORP, INC.


Date:  May 7, 2001                    By: /s/ Lee Johnson, Jr.
                                          ---------------------------
                                          Lee Johnson, Jr., President

EX-99.1

For Immediate Release
Date:     May 1, 2001
Contact:  Ethel Clay
Phone:    919-687-7802
Fax:      919-687-7821

                     M&F Bancorp, Inc. Holds Annual Meeting

Durham, NC (May 2, 2001) M&F Bancorp, Inc., a bank holding company whose wholly
owned subsidiary is M&F Bank, held its Annual Shareholders' Meeting on Tuesday,
May 1, 2001 at 10:00 a.m. EST at the Company's headquarters at 2634 Chapel Hill
Boulevard in Durham, North Carolina.

Among the items of business included at the meeting were the appointment of the
Company's independent accountants and the election of six directors.
Specifically, the shareholders ratified the appointment of Deloitte & Touche,
L.L.P. as the Company's independent accountants and elected the following six
individuals for one-year terms as M&F Bancorp, Inc. directors: Genevia Gee
Fulbright, Lee Johnson, Jr., Benjamin S. Ruffin, Joseph M. Sansom, Maceo K.
Sloan and Aaron L. Spaulding.

Additionally, it was announced that the M&F Bancorp, Inc. Board of Directors had
elected Benjamin S. Ruffin as Chairman of the Board and Joseph M. Sansom as Vice
Chairman of the Board.  The Board appointed Lee Johnson, Jr., President, E.
Elaine Small, Vice President and Assistant Secretary and Fohliette W. Becote,
Treasurer and Secretary.

M&F Bancorp is a one-bank bank holding company with approximately $167 million
in assets as of December 31, 2000.  M&F Bank, a state chartered commercial bank,
conducts its operations through eight branch offices that are located in several
of North Carolina's largest markets. Three branches are located in Durham, two
in Charlotte, two in Raleigh and one in Winston-Salem.

The Company's common stock is quoted in the over-the-counter market through the
National Daily Quotation System under the symbol "MFBP."


For Immediate Release
Date:       May 1, 2001
Contact:    Ethel Clay
Phone:      919-687-7802
Fax:        919-687-7821

      Lee Johnson, Jr. Promoted to President and Chief Executive Officer
                         of Mechanics and Farmers Bank

Durham, NC (May 2, 2001) M&F Bancorp, Inc., a bank holding company whose wholly
owned subsidiary is M&F Bank, announced today that Lee Johnson, Jr. has been
promoted to President and Chief Executive Officer of M&F Bank effective today.
Mr. Johnson had previously served as President and Chief Operating Officer of
the Bank, and continues to serve as the President of M&F Bancorp, Inc.  Mr.
Johnson has served the Bank for more than 30 years and has worked in many
functional areas, including retail banking, finance, operations and executive
management.

Benjamin S. Ruffin, Chairman of M&F Bancorp, Inc. stated, "Lee has been a very
valuable and dedicated member of our management team.  His long career at the
Bank is evidence of his loyalty and his effectiveness as a leader and
contributor to this organization.  We look forward to his maintaining the
positive momentum established by his predecessor, Julia W. Taylor."

M&F Bank had approximately $167 million in assets as of December 31, 2000.  A
state chartered commercial bank, it conducts its operations through eight branch
offices that are located in several of North Carolina's largest markets. Three
branches are located in Durham, two in Charlotte, two in Raleigh and one in
Winston-Salem.