M&F Bancorp, Inc. Adopts Shareholder Rights Plan and Discusses Potential Repurchase of ECIP Securities

DURHAM, N.C., February 3, 2025 – M&F Bancorp, Inc. (OTC Pink: MFBP) (“M&F” or “the Company”), the parent company of M&F Bank (the “Bank”), the second-oldest African American-owned bank in the United States, announced today that its Board of Directors (“Board”) has unanimously adopted a ten-year shareholder rights plan (the “Rights Plan” or “Plan”).

This Rights Plan is intended to ensure that the Board remains in the best position to perform its fiduciary duties and to enable all M&F shareholders to receive fair and equal treatment. It is also designed to allow all M&F shareholders to realize the long-term value of their investment by reducing the likelihood that any person or group would gain control of M&F through open market accumulation without appropriately compensating the Company’s shareholders for such control or providing the Board sufficient time to make informed judgments.