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): August 21, 2006

M&F BANCORP, INC.

(Exact Name of Registrant as specified in its charter)

North Carolina	000-27307	56-1980549
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

2634 Durham Chapel Hill Boulevard, Durham, North Carolina 27707

(Address of principal executive offices)

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

Not Applicable

(Former address of principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

M & F Bancorp, Inc. (the “Registrant”), the parent company of Mechanics and Farmers Bank (the “Bank”), issued a press release announcing its unaudited results of operations and financial condition for the three and for the six month periods ended as of June 30, 2006, respectively. At the same time, the unaudited results of operations and financial condition for the Bank for the same periods were announced in a separate press release.

The press releases are furnished as Exhibit Nos. 99.1 and 99.2, and are incorporated herein by reference.

EXHIBIT INDEX

The following exhibits are fied herewith:

Exhibit 99.1 Press Release issued August 21, 2006

Exhibit 99.2 Press Release issued August 21, 2006

SIGNATURES

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

M&F BANCORP, INC. (Registrant)
By:	/s/ Jonathan Sears Woodall
	Jonathan Sears Woodall
	Chief Financial Officer

Dated: August 24, 2006

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press Release dated August 21, 2006
99.2	Press Release dated August 21,2006

EX-99.1

Exhibit 99.1

For Immediate Release	Contact:	Jonathan Sears Woodall
August 21, 2006		919-687-7835
		919-687-7821 Fax
		jon.woodall@mfbonline.com

M&F BANCORP, INC. ANNOUNCES SECOND QUARTER RESULTS

DURHAM, NC — (AUGUST 21, 2006) M&F BANCORP, INC., a bank holding company whose wholly-owned subsidiary is Mechanics and Farmers Bank (M&F Bank), reported net income in the second quarter of 2006 of $375,000 or $0.22 per diluted share, versus net income of $290,000, or $.17 per diluted share, in the second quarter of 2005. The improved results for the second quarter of 2006 were primarily due to an increase in net interest income and the continuation of improved asset quality experienced in the first quarter of 2006, net of the associated impact of income taxes. Non-interest income for the three months ended June 30, 2006 decreased over the comparable period in 2005, primarily due to a reduction in rental income and realized losses associated with routine management of the investment portfolio. Non-interest expenses increased for the second quarter of 2006, reflecting management’s ongoing emphasis on marketplace visibility and product promotions.

Net interest income rose 10.2% to $2.493 million in the second quarter of 2006, versus $2.263 million in the second quarter of 2005, primarily due to an increase in the net interest spread to 4.01% in the second quarter of 2006 from 3.94% in the comparable period of 2005, coupled with an increase in net interest-bearing assets of $0.239 million. In terms of asset quality, the effects of continued emphasis on and improvement in the quality of the overall loan portfolio as experienced in the first quarter of 2006, resulted in a credit to the income statement of $4 thousand in the second quarter of 2006 as opposed to a charge of $99 thousand in the second quarter of 2005. Non-interest income decreased 9.9% to $ .593 million in the second quarter of 2006 from $ .658 million in the year-ago quarter. Non-interest expense increased by $61 thousand, or 2.5%, to $2.503 million for the quarter ended June 30, 2006. The provision for income taxes increased by $ .122 million to $ .212 million for the three-month period ended June 30, 2006, resulting in an effective tax rate of 36.1% versus 23.7% for the same quarter in 2005.

Total assets increased by $21.741 million to $251.103 million as of June 30, 2006 from $229.362 million as of June 30, 2005, with deposits increasing 11.5% to $208.028 million as of June 30, 2006 from $186.640 million as of June 30, 2005. Net loans decreased to $158.855 million as of June 30, 2006 from $164.386 million as of June 30, 2005. As of the end of the second quarter of 2006, shareholders’ equity increased to $21.054 million, or $12.38 per diluted share, which represented an equity-to-assets ratio of 8.38%.

Non-performing assets, including non-accrual loans, accruing loans more than 90 days past due and foreclosed assets, were $1.759 million as of June 30, 2006, or 0.7% of assets, versus $5.781 million or 2.35% of assets as of December 31, 2005. The allowance for loan losses was $2.540 million as of June 30, 2006 versus $2.921 million as of December 31, 2005.

Commenting on the second quarter performance Ronald Wiley, president and chief executive officer, stated, “Over the last several months I’ve repeatedly stated how focused we have been on raising the bar on fundamentals, and we’re pleased our results bear that out. Now our focus is on executing our strategic plan.”

M&F Bancorp, Inc. (the “Company”), a one-bank holding company with assets of approximately $251 million as of June 30, 2006, is the parent company of Mechanics and Farmers Bank (M&F Bank). The Company’s common stock is quoted in the over-the-counter market through the OTC Bulletin Board under the symbol “MFBP” or “MFBP.OB”. For additional information, contact M&F Bancorp, Inc. Corporate Headquarters, 2634 Durham Chapel Hill Blvd., Durham, NC at 919.687.7800, or visit www.mfbonline.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of M&F Bancorp, Inc. and M&F Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Neither the Company nor the Bank undertakes an obligation to update any forward-looking statements. Additional information, including details of some of the factors that could affect the accuracy of forward-looking statements, is detailed in M&F Bancorp, Inc.’s filings with the Securities and Exchange Commission, which are available at www.sec.gov or www.mfbonline.com.

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EX-99.2

Exhibit 99.2

FOR IMMEDIATE RELEASE	CONTACT:	Lucera Blount Parker
August 21, 2006		(919) 687-7802
		(919) 687-7821 Fax
		lucera.parker@mfbonline.com

M&F Bank Announces 2nd Quarter Results

Community bank achieves record results as it approaches 100^th anniversary

DURHAM (August 21, 2006) – Mechanics and Farmers Bank (M&F Bank) reported net income in the second quarter of 2006 of $.496 million. Earnings growth was attributable to growth in net interest income and improved asset quality. Total assets as of June 30, 2006 were $250.868 million. Net interest income was $2.492 million. As of June 30, 2006, net loans were $158.854 million; total deposits were $208.039 million. The Bank continues to be classified as “well capitalized,” with $21.154 million in regulatory capital as of June 30, 2006.

For the six months ended June 30, 2006, net income was $1.251 million, compared to $.552 million for the same period in 2005. Net interest income was $5.045 million. Non-performing assets were $1.759 million, or 1.08% of total loans, compared to the Uniform Bank Performance Report (UBPR) peer group average of .71%. The allowance for loan losses was $2.541 million or 1.11% of average assets, compared to the peer group average of .81%.

Commenting on the results, Ron Wiley, president and CEO stated, “We have many reasons to be optimistic: we had a successful second quarter and first half, we’re on a positive trend with respect to key performance metrics, we’ve added extremely talented people in vital business development positions, and on top of all that, we’ll celebrate the 100^th anniversary of the Bank’s founding in a few months. That’s more than an historic milestone, it’s proof that a community bank can succeed and change and grow without sacrificing the core values that make it special. Our legacy informs the decisions we make about how we will conduct our business and what kind of bank we will be in the future.”

M&F Bank, a state-chartered commercial bank, was founded in 1907. The Bank has operated continuously and been profitable every year since opening for business in 1908. The Bank’s mission is to meet the financial services needs of the communities it serves, promote personal and community development, and to provide quality service to all while continuing its tradition of serving those who historically have been underserved. M&F Bank is the wholly owned subsidiary of M&F Bancorp, Inc. (the Company), a one-bank holding company headquartered in Durham, NC, with assets of approximately $251 million as of June 30, 2006. The Company’s unaudited results for the quarter ended June 30, 2006 have been filed with the SEC and can be accessed either through www.mfbonline.com or www.sec.gov. The Company’s common stock is quoted in the over-the-counter market through the OTC Bulletin Board under the symbol “MFBP” or “MFBP.OB” For additional information contact M&F Bank Corporate Center, 2634 Durham Chapel Hill Blvd., Durham, NC at 919.687.7800, or visit www.mfbonline.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of M&F Bancorp, Inc. and M&F Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Neither the Company nor the Bank undertakes an obligation to update any forward-looking statements. Additional information, including details of some of the factors that could affect the accuracy of forward-looking statements, is detailed in M&F Bancorp, Inc.’s filings with the Securities and Exchange Commission, which are available at www.sec.gov or www.mfbonline.com.

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