This is becoming a trend and its a wonderful thing! For the third time in 3 days we are reporting on a Black Owned bank seeing high increases in new account sign ups. This time it’s M&F Bank in North Carolina.
According to Black Main Street Newsroom Buzz, Jasmine Parker of M&F Bank said in the past five days, online applications for new accounts have jumped from 500 a day to 2,500. The increase in new accounts adds up to an estimated $1.25 million in one week being moved into M&F Bank accounts from mainstream financial institutions.
“It’s good to see these dollars being recycled back into the community,” Parker explained.
Mechanics and Farmers Bank (M&F Bank) is a state-chartered commercial bank founded in 1907, and has operated continuously and profitably since 1908. M&F Bank is one of few NC banks designated by the United States Treasury as a Community Development Financial Institution (CDFI). Its vision is to be the preferred community bank in its markets. M&F Bank is the wholly owned subsidiary of M&F Bancorp, Inc., a one-bank holding company headquartered in Durham, NC, with assets of approximately $304.7 million as of March 31, 2016. M&F Bancorp’s common stock is quoted in the over-the-counter market through the OTC Pink Sheet under the symbol “MFBP.” For additional information, contact M&F Bancorp Corporate Headquarters, 2634 Durham Chapel Hill Blvd., Durham, NC at (919) 687-7800 or visit www.mfbonline.com.