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					FOR IMMEDIATE RELEASE – February 6, 2008                             Contact:
                                                                     Lucera Blount Parker
                                                                     Marketing Director, M&F Bank
                                                                     919.687.7802 office; 919.308.3403 mobile
                                                                     lucera.parker@mfbonline.com

                           FOR IMMEDIATE RELEASE

  M&F Bank Names James Sansom as Chief Lending Officer
Durham, NC (February 6, 2008) – Mechanics and Farmers Bank (M&F Bank) welcomed
James E. Sansom as Senior Vice President and Chief Lending Officer this week. Sansom will
manage and oversee all lending and related business development activities company-wide.

“James has the experience and the proven ability we need to be effective as we look to grow
M&F,” said Kim D. Saunders, President and Chief Executive Officer of M&F Bancorp, Inc. and
M&F Bank. “He is a very highly regarded banker, and also has a deep understanding of our
institution and markets. James will be a tremendous asset in helping us achieve our strategic
objectives and I’m very pleased he’s joined our team.”

Sansom is a veteran banker with over 25 years of experience in commercial lending, loan
administration, and credit analysis. His arrival actually marks a return to M&F, where he had
served in positions of increasing responsibility between 1991 – 2002. Most recently Sansom was
First Vice President and Business Banker for Cardinal State Bank; his previous experience
includes American Security Bank in Washington DC, NCNB in Greensboro, NC and the Federal
Reserve Bank in Detroit, MI.

Sansom is an active member of the community, having served on the Boards of Directors of
numerous civic organizations; he currently serves on the Boards of the Durham Merchants
Association, the Durham Nativity School and Durham Central Park. He received an M.B.A from
Atlanta University in Atlanta, GA, and a B.B.A. from Howard University in Washington, DC.
A native of Raleigh, NC, Sansom is married and has a son.

Mechanics and Farmers Bank (M&F Bank), a state-chartered commercial bank, has operated continuously and
profitably since 1908. The Bank's mission is to meet the financial services needs of the communities it serves,
promote personal and community development, and to provide superior service to all while continuing its tradition
of serving those who historically have been underserved. 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 $228
million as of September 30, 2007. The Company's common stock is quoted in the over-the-counter market through
the OTC Bulletin Board 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.

[Photo attached]
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