M&F Bancorp, Inc. enters into Agreement with the U.S. Treasury providing for the discounted repurchase of $80 Million of Treasury’s ECIP Preferred Stock.

DURHAM, N.C., January 10, 2025 – M&F Bancorp, Inc. (OTC Pink: MFBP; 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 it has entered a Preferred Stock ECIP Securities Purchase Option Agreement with the U.S. Treasury (the “Option Agreement”), which, subject to the terms and conditions of the Option Agreement, gives the Company the option to repurchase the 80,000 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E (the “Series E Preferred Stock”) previously issued to the U.S. Treasury as part of the Emergency Capital Investment Program (“ECIP”). Established by the Consolidated Appropriations Act of 2021, the ECIP program was created to enable participant financial institutions to provide loans, grants, and forbearances to small businesses, minority-owned businesses, and consumers, especially in low income and underserved communities, including persistent poverty counties, that may have been disproportionately impacted by the economic effects of the COVID–19 pandemic.