Community Impact
At M&F Bank, we are committed to making a lasting community impact. As the only minority-owned Community Development Financial Institution (CDFI) in North Carolina, we take pride in our role of empowering positive change as a community partner & resource.
Over the last century, M&F Bank has worked to spread equity, opportunity, and financial literacy to those we serve and for more than 35 years, we have maintained an outstanding Community Reinvestment Act (CRA) rating. This demonstrates our proven track record of meeting the credit needs of local individuals, businesses, and nonprofits. Our dedication to community growth is at the core of who we are and what we do.
Community Engagement Through Employee Participation
One of the ways M&F Bank serves its community is by fostering a culture of community service among its employees. We understand the importance of giving back and being involved with our communities hands-on. That’s why we offer a Community Service PTO (Paid Time Off) program for our employees.
This program allows our team members to take paid time off to participate in various community service activities they’re passionate about. Every year, we attend and participate in at least 80 community events. Whether it’s volunteering at local charities, organizing neighborhood clean-up events, or mentoring youth, we support and encourage our employees in their efforts to make a difference.
Collaboration with Community Organizations
M&F Bank believes in the power of collaboration. We actively work with a variety of community organizations to amplify our impact. In 2019 alone, we donated over $70,000 to various local organizations and nonprofits.
Here is a list of some of the organizations we are proud to partner with:
- Local Nonprofits: We collaborate with local nonprofits focusing on education, housing, and economic empowerment.
- Youth Mentorship Programs: We support programs that provide mentorship to young individuals, helping them build a brighter future.
- Financial Literacy Initiatives: M&F Bank is passionate about financial education. Since 1907, we have helped people across North Carolina build financial success by partnering with organizations that promote financial literacy to empower individuals and families. Our Financial Literacy Initiative is just one example.
“I’ve been part of M&F Bank for 16 years, and to work in an environment where we add value to the community really aligns with my goals and helps me grow as a professional.”
Promoting Financial Literacy
Financial literacy is a cornerstone of our community outreach efforts. We understand that financial education is a vital tool for building a strong and resilient community– not just financial stability.
Research from the Jump$tart Coalition for Personal Financial Literacy has shown a connection between high rates of personal bankruptcy in states and a lack of financial literacy among 12th graders. Furthermore, a national survey conducted by the Consumer Federation of America (CFA) and Financial Planning Association (FPA) reveals that fewer than half of Americans have developed a financial plan, while the number of people with money woes is rising.
That’s why we offer a range of financial literacy programs aimed at helping individuals and families make informed financial decisions. Having the tools for effective personal financial management leads to increased savings, home purchases, and improved well-being for individuals and their communities.
The Impact of Being a Minority-Owned Bank
As a minority-owned bank, M&F Bank recognizes the significance of our role in promoting economic equity and inclusion. Our unique understanding of the challenges minority communities face positions us to offer support in meaningful ways. Our commitment to being a minority-owned CDFI means that we are not just a bank; we are a participant in creating positive change in our communities.
At M&F Bank, community outreach is not just a buzzword; it’s a way of life. We aim to impact the communities we serve meaningfully. We welcome you to unite with us while we build a stronger, more vibrant future.