- 1/1/1900Date of Inception:
- 2634 Durham Chapel Hill Blvd.Address:
- Address #2:
- 27707Zip / Postal Code:
- 2,706Profile views:
- Company Name: M&F Bancorp Inc.
- About Company: M&F Bancorp Inc. is the holding company for Mechanics and Farmers Bank (M&F Bank) headquartered in Durham, North Carolina. The Company's common stock is quoted in the over-the-counter market through the OTC Bulletin Board under the symbol “MFBP.” M&F Bank is a full-service commercial bank offering business and consumer loans, checking accounts, certificates of deposit, money market investment and savings accounts, Internet banking and other products and services, and operates nine branches in Durham, Raleigh, Charlotte and Winston-Salem, North Carolina.
- Company Background: M&F Bank, a state-chartered commercial bank, was organized in 1907 under the authority of a charter issued by the Legislature of the State of North Carolina . The original incorporators were a group of nine prominent businessmen, headed by R. B. Fitzgerald. The other incorporators included: J. A. Dodson, J. R. Hawkins, John Merrick, Aaron M. Moore, W.G. Pearson, James E. Shepard, G. W. Stephens, and Stanford L. Warren.
Many people today lack appreciation of the origin of the Bank's name. The founders and original customers represented various trades, crafts and professions in which the African American community had achieved success and prominence, so "Mechanics" likely was derived from the legal term "mechanics lien" that grouped such occupations together. Additionally, most of North Carolina 's wealth at the turn of the 20 th century was based on the ownership of real property, especially farmland, hence the term "Farmers." That means the name "Mechanics and Farmers" denotes that this Bank is an institution dedicated to serving all facets of the community.