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): January 10, 2007

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))

INDEX

	Page
Item 1.01 – Entry into a Material Definitive Agreement	3
Item 5.02 – Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers	3
Item 9.01 – Financial Statements and Exhibits	4
Signatures	5

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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

Executive Officer Compensation. On January 12, 2007, M&F Bancorp, Inc. (the “Company”) and its wholly owned bank subsidiary, Mechanics & Farmers Bank (the “Bank”), Durham, North Carolina, entered into an employment agreement with Ms. Kim D. Saunders in connection with her appointment as President and Chief Executive Officer of the Company and the Bank, effective February 26, 2007. Information related to Ms. Saunders’ appointment is provided under Item 5.02 below.

Ms. Saunders’ employment agreement provides for an initial term of employment of three years, beginning February 26, 2007. At the end of the initial term, the term of employment will be automatically extended for additional terms of one year (each an “Additional Term”) unless a notice of termination is given by the Company and the Bank (together, the “Employer”) to Ms. Saunders not less than 120 days prior to the end of the initial term, or the Additional Term, as applicable.

The agreement provides for an annual base salary of $225,000. Ms. Saunders will be eligible to receive an annual bonus of up to 50% of her annual salary, to be determined by the Employer’s Boards but guaranteed at the end of her first year of employment to be not less than $25,000; a grant of $5,000 at the end of Ms. Saunders’ first year of employment for the purpose of purchasing Company stock; reimbursement of her reasonable moving expenses; and a temporary housing allowance of $1,500 per month for up to six months. The employment agreement also provides for reimbursement of all reasonable business expenses and participation in all retirement, welfare, health and other benefit plans or programs currently offered by Employer to other executive officers or which may be later offered to other executive officers. Further, Ms. Saunders’ shall be entitled to receive all other fringe benefits, which are now or may be provided to Employer’s executive officers. Employer also anticipates adopting a stock option plan by the end of Ms. Saunders’ second year of employment, in which she will be entitled to participate.

The employment agreement provides that Ms. Saunders may be terminated by the Employer for cause, as defined in the agreement, in which event she shall only be entitled to receive payment of sums due her as base salary and/or reimbursement of expenses incurred through the date of termination. In the event that Ms. Saunders is terminated without cause, or is terminated as the result of a change of control of either the Bank or the Company, she shall be entitled to receive payment of severance compensation equal to 100% of her then monthly base salary for 12 months following the date of termination. Also, Ms. Saunders may choose to terminate her employment upon giving Employer not less than 60 days notice.

In the event of Ms. Saunders’ disability (as defined in the agreement) for a period of 180 days, the Employer may terminate the agreement at its option, after which termination it shall pay Ms. Saunders an amount equal to her then-existing base salary, less any benefits received from any disability benefit or pension plan, until she becomes eligible for benefits under any long term disability plan or disability insurance program provided by the Company. In addition, Ms. Saunders shall receive any bonus earned or accrued through the date of termination. In the event of Ms. Saunders’ death during the term of the agreement, the agreement shall be terminated. In the event of Ms. Saunders’ death, her estate will be entitled to all sums due her as base salary and/or reimbursement of expenses through the end of the month during which her death occurred, plus any bonus earned or accrued through the date of death.

A copy of Ms. Saunders’s employment agreement is attached as Exhibit 99.1.

ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; APPOINTMENT OF PRINCIPAL OFFICERS.

On January 10, 2007, it was mutually agreed among the Company, the Bank and Mr. Ron Wiley, President, Chief Executive Officer and Director of the Company and the Bank, that effective January 22, 2007, Mr. Wiley will resign from each of these offices to pursue other opportunities.

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On January 18, 2007, the Boards of Directors of the Company and the Bank announced that Ms. Kim D. Saunders has been appointed to the positions of President and Chief Executive Officer of the Company and the Bank. Ms. Saunders’ appointment is effective February 26, 2007. Since 2003, Ms. Saunders has served as President and Chief Executive Officer of Consolidated Bank & Trust Company, in Richmond, Virginia. From 1998 until 2003, Ms. Saunders served as Executive Vice President and Chief Lending Officer of City First Bank of D.C., in Washington, D.C.

A brief description of the material terms of Ms. Saunders’ employment agreement is contained in Item 1.01, “Entry into a Material Definitive Agreement,” above, and is incorporated herein by reference.

A copy of the joint press release of the Company and the Bank dated January 18, 2007, making these announcements is attached as Exhibit 99.2 and is incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

The following exhibits are filed herewith:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Employment Agreement between M&F Bancorp, Inc., Mechanics & Farmers Bank and Kim D. Saunders dated January 12, 2007
99.2	Press Release dated January 18, 2007

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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.

Dated: January 18, 2007

M&F BANCORP, INC.
By:	/s/ Jonathan Sears Woodall
	Jonathan Sears Woodall
	Senior Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Employment Agreement between M&F Bancorp, Inc., Mechanics & Farmers Bank and Kim D. Saunders dated January 12, 2007
99.2	Press Release dated January 18, 2007

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EX-99.1

Exhibit 99.1

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT, made and entered into this 12^th day of January, 2007, between M&F Bancorp, Inc., a holding company organized and existing under the laws of the State of North Carolina (“Bancorp”), and its subsidiary, Mechanics & Farmers Bank duly organized and existing under the laws of the State of North Carolina (the “Bank”), (collectively referred to as “Employer”), and Kim D. Saunders (the “Executive”).

WHEREAS, Bancorp desires to employ Executive as its President and Chief Executive Officer (“CEO”) upon the terms and conditions specified herein; and

WHEREAS, the Bank desires to employ Executive as its President and CEO upon the terms and conditions specified herein; and

WHEREAS, Executive desires to be employed as President and CEO of Bancorp and the Bank upon the terms and conditions specified herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Employment. Executive shall be employed by Employer to render services as President and CEO of Bancorp and the Bank. In this capacity, Executive shall have such duties and responsibilities as may be designated to her by the Employer from time-to-time that are not inconsistent with the duties and responsibilities customary and comparable for a person having such position with a commercial bank, and that are permitted by Federal and North Carolina banking laws.

2. Service as a Director. Executive hereby agrees to serve as a Director of Bancorp and/or the Bank without additional compensation (unless the respective Boards shall determine otherwise), if and when duly elected thereto, and for such term or terms as shall be specified in such elections. However, nothing herein shall be construed as requiring Bancorp, the Bank, or any other person, to cause the election or appointment of Executive as such Director.

3. Term. Unless earlier terminated as provide herein, Executive’s employment under this Agreement shall commence on February 26, 2007 and continue for a term of three years (the “Initial Term”). The term of employment shall be extended for additional terms of one year each (“Additional Term”) unless a Notice of Termination, as defined hereinafter, shall be delivered by the Employer to Executive not less than 120 days prior to the end of the Initial Term or 120 days prior to the end of the Additional Term, if applicable. A Notice of Termination shall mean a written notice of termination from the Employer or the Executive that specifies an effective date of termination and indicates upon which termination provision in this Agreement termination is given.

4. Compensation and Benefits. In consideration of all services rendered by Executive under this Agreement, Employer agrees to provide Executive with the following compensation and benefits:

a. Base Compensation. Employer shall pay Executive a base annual salary of not less than Two Hundred Twenty-Five Thousand Dollars and 00/100 ($225,000.00), subject to applicable deductions and withholdings as required by law, payable in accordance with the customary payroll practices of Employer. Executive’s annual base salary may be increased at such times as determined by the Board of Directors of Bancorp and Bank.

b. Annual Bonus. Executive shall be eligible for an annual bonus from Employer, the amount of which shall be determined by the Board of Directors of Bancorp and Bank. Executive shall be eligible for a bonus of up to 50% of base annual salary and guaranteed a bonus of at least Twenty Five Thousand Dollars and 00/100 ($25,000.00) at the end of Executive’s first year of employment, provided Executive is employed by Employer at such time. Following the Executive’s first year of employment, the bonus shall be awarded based upon criteria to be established by the Employer, including but not limited to, satisfactory performance, profitability of the Bancorp and Bank, and quality of the loan portfolio.

c. Award for Purchase of Stock in Bancorp. Employer shall provide Executive with Five Thousand Dollars and 00/100 ($5,000.00) at the end of her first year of employment for the purpose of purchasing stock in Bancorp, provided Employee is employed by Employer at such time.

d. Participation in Employee Benefits Plans. Executive shall be eligible to participate in all retirement, welfare, health and other benefit plans or programs currently offered by Employer to other executive officers or which may be later offered to other executive officers.

e. Paid Time Off. Executive shall be entitled to four (4) weeks of paid time off to be used in her discretion, subject to appropriate prior notice and any banking rules or regulations regarding the same.

f. Business Expenses. Executive shall be entitled to incur and be reimbursed for all reasonable business expenses. Employer agrees that it will reimburse the Executive for all such expenses upon the presentation by the Executive of an itemized account of such expenditures setting forth the date, the purposes for which incurred, and the amounts thereof, together with such receipts showing payments in conformity with the Employer’s established policies. Reimbursement shall be made within a reasonable period after the Executive’s submission of an itemized account.

g. Fringe Benefits. Executive shall be entitled to receive all other fringe benefits, which are now or may be provided to Employer’s executive officers. To the extent that the level of any such benefits is based upon seniority or compensation levels, Employer shall make an appropriate and proportionate adjustment to Executive’s benefits. Employer anticipates adopting a stock option plan by the end of Executive’s second year of employment, to which Executive will be entitled to participate. If a stock option plan is not adopted by the Employer,

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Employer will continue making the payment set forth in Paragraph 4(c) of this Agreement for Executive’s purchase of stock in Bancorp at the end of each year of Executive’s employment, provided Executive is employed at such time.

h. Temporary Housing Allowance. Employer agrees to provide Executive with a temporary housing allowance of Fifteen Hundred Dollars and 00/100 ($1,500.00) per month for six (6) months, to be paid at the beginning of each month.

i. Moving Allowance. Employer will pay all reasonable moving expenses incurred by Executive in relocating from Richmond, Virginia to Durham, North Carolina.

5. Termination.

a. Death. The Agreement will be terminated upon the death of the Executive. In this event, the Executive’s estate shall receive any sums due her as base salary and/or reimbursement of expenses through the end of the month during which death occurred, plus any bonus earned or accrued through the date of death (including any amounts awarded for previous years but which were not yet paid).

b. Disability. The Employer may terminate this Agreement upon the disability of the Executive for a period of 180 days which, in the opinion of the Board of Directors of Bancorp and Bank, renders her unable to perform the essential functions of her job and for which reasonable accommodation is unavailable. For purposes of this Agreement, Executive shall be considered disabled if she (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Employer. During the period of any incapacity leading up to the termination of the Executive’s employment under this provision, the Employer shall continue to pay the Executive her full base salary at the rate then in effect and all perquisites and other benefits (other than any bonus) until the Executive becomes eligible for benefits under any long-term disability plan or insurance program maintained by the Employer, provided that the amount of any such payments to the Executive shall be reduced by the sum of the amounts, if any, payable to the Executive for the same period under any other disability benefit or pension plan covering the Executive. Furthermore, the Executive shall receive any bonus earned or accrued through the date of termination (including any amounts awarded for previous years but which were not yet paid).

c. Termination for Cause. The Employer may terminate this Agreement for Cause upon delivery of a Notice of Termination to the Executive. If the Executive’s employment is terminated for Cause under this provision, the Executive shall receive only any sums due her as base salary and/or reimbursement of expenses incurred through the date of such termination. “Cause” shall be determined in the Employer’s reasonable discretion and shall consist of any of (i) the commission by the Executive of a willful act (including, without

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limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or grossly negligent omission to act by the Executive, which is intended to cause, causes or is reasonably likely to cause material harm to the Employer (including harm to its business reputation); (ii) the indictment of the Executive for the commission or perpetration of any felony or any crime involving dishonesty, moral turpitude or fraud; (iii) the exhibition by the Executive of a standard of behavior within the scope of her employment that is materially disruptive to the orderly conduct of the Employer’s business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in the Employer’s good faith and reasonable judgment, is materially detrimental to the Employer’s best interest, that, if susceptible of cure remains uncured ten (10) days following written notice to the Executive of such specific inappropriate behavior; (iv) the failure of the Executive to devote her full business time and attention to her employment as provided under this Agreement that, if susceptible of cure, remains uncured thirty (30) days following written notice to the Executive of such failure; or (v) failure by the Executive to perform any of her material duties required by this Agreement to the reasonable satisfaction of the Employer, which failure remains uncured in the Employer’s good faith assessment for a period of thirty (30) business days following written notice thereof from the Employer.

d. Termination Without Cause. The Employer may terminate this Agreement without Cause upon delivery of a Notice of Termination to the Executive. If the Executive’s employment is terminated without Cause under this provision, the Employer shall pay the Executive severance compensation in an amount equal to 100% of her then current monthly base salary each month for 12 months from the date of termination. Termination without cause shall also include termination of Executive when such termination occurs as the result of a change of control of Bank or Bancorp.

e. Voluntary Termination by Executive. Executive may terminate this Agreement voluntarily at any time by delivering a Notice of Termination. If Executive resigns under this provision, the Executive shall receive any sums due her as base salary and/or reimbursement of expenses through the date of such termination. Executive shall provide Employer with 60 days prior notice of termination.

6. Covenants Of Executive.

a. Nondisclosure Covenant. The parties acknowledge that Employer’s success is attributable largely to the ownership, use and development of certain valuable confidential and proprietary information (the “Proprietary Information”), and that Executive’s employment with Employer will involve access to and work with such information. Employee acknowledges that her relationship with Employer is a confidential relationship, and agrees that she shall not, either directly or indirectly, use any Proprietary Information for her own benefit, or divulge, disclose or communicate any Proprietary Information in any manner whatsoever to any person or Entity other than to executives or agents of Employer having a need to know such Proprietary Information to perform their responsibilities on behalf of Employer, and to other persons or Entities in the normal course of Employer’s Business. This nondisclosure obligation shall apply to all Proprietary Information, whether or not Executive participated in the development thereof. Upon termination of her employment with Employer for any reason,

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Executive will return to Employer all Proprietary Information in any medium and all other documents, data, materials or property of Employer (including any copies thereof) in her possession. For purposes of this Agreement, the term “Proprietary Information” shall include any and all proprietary information related to the Business of Employer, or to any of its services, sales or operations, which are not generally known to the public, specifically including (but without limitation) pricing, marketing plans, development plans, strategies, forecasts, suppliers, methods and manner of operations; information relating to the identity, needs and location of all past, present and prospective customers; and information with respect to the internal affairs of Employer. The parties stipulate that, as between them, the above-described matters are important and confidential and gravely affect the successful conduct of the Business of Employer and that any breach of the terms of this Paragraph shall be a material breach of this Agreement.

b. Loyalty and Best Efforts. Executive agrees to be a loyal executive and that she will at all times faithfully, industriously and to the best of her ability, experience and talents perform all the duties that may be required of her pursuant to the express and implicit terms hereof, to the reasonable satisfaction of Employer, commensurate with her position, and to comply with all rules, regulations and policies established or issued by Employer. Such duties shall be rendered at such place as Employer reasonably designates.

7. Miscellaneous.

a. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to conflicts of law principles thereof. Executive hereby submits to the jurisdiction and venue of the state and federal courts of North Carolina.

b. Entire Agreement. This Agreement constitutes the entire agreement between Executive and Employer with respect to the subject matter hereof, and supersedes in their entirety any and all prior oral or written agreements, understandings or arrangements between Executive and Employer relating to the terms of Executive’s employment by Employer, and all such agreements, understandings and arrangements are hereby terminated and are of no force and effect. Executive hereby expressly disclaims any rights under any such agreements, understandings and arrangements.

c. Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by both parties.

d. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

e. Notice. Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and delivered in person or by nationally recognized overnight courier service or deposited in the mail, postage prepaid, return receipt requested, addressed as follows:

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To Employer:

M&F Bancorp, Inc.

c/o Chairman of the Board

2634 Durham-Chapel Hill Boulevard

Durham, North Carolina 27707

Mechanics & Farmers Bank

c/o Chairman of the Board

2634 Durham-Chapel Hill Boulevard

Durham, North Carolina 27707

To Executive:

Kim D. Saunders

2300 E. Cary Street #315

Richmond, Virginia 23223

Notices given in person or by overnight service shall be deemed given when delivered in person or the day after delivery to the courier addressed to the address required by this Paragraph and notices given by mail shall be deemed given three days after deposit in the mails. Any party hereto may designate by written notice to the other party in accordance herewith any other address to which notices shall be sent.

f. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

g. Waiver. Failure of Employer or Executive to exercise any right, power or privilege under this Agreement shall not operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

h. Successors. The rights and obligations of this Agreement shall bind and inure to the benefit of the surviving corporation in any merger or consolidation in which the Employer is a party, or any assignee of all or substantially all of the Employer’s business and properties.

i. Assignment. The Executive’s rights and obligations under this Agreement may not be assigned by her, except that her right to receive accrued but unpaid

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compensation, unreimbursed expenses and other rights, if any, provided under this Agreement which survive termination of this Agreement shall pass after death to the personal representative of her estate.

j. Indemnification. Executive shall be indemnified and held harmless from any and all demands, claims, damages, suits, actions, and legal proceedings brought against Executive, in her individual capacity or in her official capacity, as agent and/or employee of Employer for any incident or activity arising prior to or during the course of employment of Executive by Employer, provided that the actions of Executive during her employment hereunder and related to such demands, claims, damages, suits, actions, and legal proceedings were undertaken in good faith, in accordance with the law, and within the scope of her official capacity.

k. Compliance with Section 409A. To the extent applicable, the parties hereto intend that this Agreement will comply with Section 409A of the Internal Revenue Code of the United States of America and all regulations, guidance, or other interpretative authority thereunder (“Section 409A”). The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated to execute any and all amendments to this Agreement deemed necessary and required by legal counsel for the Company to achieve compliance with Section 409A. By execution and delivery of this Agreement, Executive irrevocably waives any objections she may have to the amendments required by Section 409A.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date(s) set forth below.

MECHANICS & FARMERS BANK

By:

Name:

Title:

Date:

M&F BANCORP, INC.

By:

Name:

Title:

Date:

EXECUTIVE

Kim D. Saunders

Date:

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EX-99.2

Exhibit 99.2

FOR IMMEDIATE RELEASE January 18, 2007 CONTACT: Lucera Blount Parker (919) 687-7802 (919) 687-7821 fax lucera.parker@mfbonline.com

M&F BANCORP, M&F BANK NAME CONSOLIDATED’S SAUNDERS AS NEXT CEO

Durham, NC – January 18, 2006 – M&F Bancorp, Inc. and Mechanics and Farmers Bank (“M&F Bank”) today announced that their Boards of Directors have selected Kim D. Saunders as President and Chief Executive Officer for the bank holding company and its wholly-owned subsidiary, effective February 26, 2007.

Saunders is currently president and CEO of Consolidated Bank & Trust Company of Richmond, VA. Saunders will be M&F Bank’s second female chief executive, a distinction she now holds at Consolidated. Since joining Consolidated in 2003, Saunders is credited with leading the bank through significant difficulty and transition, including its highly publicized regulatory difficulties. Under Saunders’ leadership, Consolidated regained status as a profitable institution for the first time in six years.

Saunders has an extensive background in business lending, credit administration, asset management, and economic development. She believes fervently in the role of community banks, and is particularly appreciative of M&F Bank’s long history of serving North Carolina. Saunders received a B.S. in Economics from the Wharton School of Finance and Commerce at the University of Pennsylvania.

“Kim Saunders has an impressive track record that reflects her commitment to the same principles on which this company is based. She’s attuned to the unique challenges and opportunities we face, and eminently well qualified to help us meet them. We are very pleased to have her join our team,” said Maceo K. Sloan, Chairman of M&F Bancorp, Inc.

Current Chief Executive Ronald Wiley tendered his resignation to pursue other opportunities. M&F Bank Board Chairman James A. Stewart said, “We’re extremely appreciative of what Ron has helped us accomplish, including unprecedented earnings, greatly improved asset quality, and an overall forward momentum, all of which have positioned us very favorably for future growth and profitability.”

M&F Bank, a state-chartered commercial bank, was founded in 1907 and has operated continuously and profitably since opening 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 $248 million as of September 30, 2006. 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 Mechanics and Farmers 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 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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