PRESS RELEASE
For Immediate Release
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Date: February 7, 2001
Contact: Ethel Clay
Phone: 919-687-7802
Fax: 919-687-7821
Julia W. Taylor Retires from the Board of Directors of M&F Bancorp, Inc.
and Mechanics and Farmers Bank
Durham, NC (February 7, 2001) M&F Bancorp, Inc., a bank holding company whose
wholly owned subsidiary is Mechanics and Farmers Bank, announced today that
Julia W. Taylor said that she would retire from the Board of Directors of M & F
Bancorp, Inc. and asked that her name be withdrawn for nomination for the May 1,
2001 annual shareholders meeting. Additionally, Ms. Taylor asked not to be re-
appointed to the Board of Mechanics and Farmers Bank when directors are
appointed on March 27, 2001. Ms. Taylor, who has had a 40-year career with the
Bank, retired as President and Chief Executive Officer of Mechanics and Farmers
Bank in September of 2000.
Ms. Taylor stated, "I have thoroughly enjoyed serving the Company and Bank over
these many years. While the industry has evolved greatly over those years, one
thing that has never changed is the Bank's commitment to its customers,
shareholders and employees. I look forward to its continued success, as it
leverages the many investments it has made in technology and people over the
past several years."
Lee Johnson, Jr., President of M&F Bancorp, Inc., added, "Ms. Taylor has made a
tremendous contribution to this organization. We anticipate that, for many
years to come, the Bank will benefit from the initiatives that were established
under her leadership. We are grateful for her years of service and wish her
well in her retirement."
M&F Bancorp is a one-bank holding company with approximately $167 million in
assets as of December 31, 2000. Mechanics and Farmers Bank, a state chartered
commercial bank, conducts its operations through eight branch offices that are
located in several of North Carolina's larger markets. Three branches are
located in Durham, two are located in Charlotte, two are in Raleigh and one
branch is located in Winston-Salem. The Company's common stock is quoted in the
over-the-counter market through the National Daily Quotation System ("pink
sheets") published by the National Quotation Bureau, Inc. under the symbol
"MFBP."