M&F Bancorp, Inc. Announces Appointment of Director
07 February 2009 - 9:03AM
Business Wire
M&F Bancorp, Inc. (�M&F Bancorp�) (OTCBB: MFBP), the
parent company of Mechanics and Farmers Bank (�M&F Bank�),
today reported that Mr. James H. Speed, Jr. has been appointed to
the Board of Directors of M&F Bancorp and M&F Bank. Mr.
Speed has served since 2004 as the President and Chief Executive
Officer, and previously was the Senior Vice President and Chief
Financial Officer, for North Carolina Mutual Life Insurance Company
(�North Carolina Mutual Life Insurance�) in Durham, NC. North
Carolina Mutual Life Insurance began in 1898; it is the only
insurance company domiciled in North Carolina with a charter dated
before 1900. With over $9 billion dollars of insurance in force,
North Carolina Mutual Life Insurance is the oldest, largest, and
most successful African American life insurance company in the
United States.
Prior to joining North Carolina Mutual Life Insurance, Mr. Speed
was the President of Speed Financial Group, and served in various
capacities with Hardee�s Food Systems Inc. from 1991 through 2000,
including Senior Vice President, Chief Financial Officer and
Treasurer. Mr. Speed began as a Staff Accountant in 1979 with
Deloitte and Touche where he was promoted to Senior Audit Manager
in 1987.
Mr. Speed received his MBA at the Atlanta University in Atlanta,
Georgia where he was a member of the Beta Gamma Sigma Honor
Society. He received his Bachelor�s degree at North Carolina
Central University in Durham, NC. He is also a graduate of McGill
University�s Imasco Limited Senior Management Development Program
in Montreal, Canada, and the North Carolina Bank Board College in
Chapel Hill, NC.
Mr. James A. Stewart, Chairman of M&F Bancorp, Inc. and
M&F Bank stated, �We are honored to have a business leader of
Mr. Speed�s caliber joining our Boards. With his experience in
leading another century old minority-focused local institution with
many of the same founding leaders as M&F Bank, he brings a
great deal of leadership, community, and national knowledge that
will augment the already impressive breadth of expertise of the
existing board members, which is especially valuable in these
challenging economic times.�
Mr. Speed commented, �The legacies of service to the community
from North Carolina Mutual Insurance and M&F Bank over the last
century, which began on the famed �Black Wall Street� in Durham,
along with the respective companies� continued commitment to
providing high quality services will be as vital to our customers
in the future, and have in many ways been complementary. I am
honored to join these Boards and look forward to serving the
shareholders, customers and employees of M&F.
M&F Bancorp, Inc., a bank holding company with assets of
approximately $274.0 million as of September 30, 2008, is the
parent company of Mechanics and Farmers Bank. M&F Bancorp�s
common stock is quoted in the over-the-counter market through the
OTC Bulletin Board under the symbol �MFBP.� Mechanics and Farmers
Bank has nine banking centers: Raleigh (2), Durham (3),
Piedmont-Triad (2), and Charlotte (2). For additional information,
contact M&F Bank Corporate Headquarters, 2634 Durham Chapel
Hill Blvd., Durham, North Carolina at 919-687-7800, or visit
www.mfbonline.com.
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