M&F Bancorp, Inc. Completes Acquisition of Mutual Community Savings Bank

DURHAM, N.C.--(Business Wire)--
M&F Bancorp, Inc. ("Bancorp") announced that its acquisition of
Mutual Community Savings Bank Inc., SSB, ("MCSB") was finalized on
Friday, March 28, 2008, when MCSB was merged into Mechanics and
Farmers Bank ("M&F Bank"). The milestone event occurs as M&F Bank
observes its 100th anniversary; MCSB recently marked its 86th
anniversary. Both banks were founded in Durham, NC.

The former MCSB branch locations in Durham and Greensboro, N. C.,
began operating as M&F Bank effective today. Each MCSB shareholder
will receive one share of Bancorp common stock for each share of MCSB
common stock held at the time of the merger.

"We're pleased with the successful completion of our first merger
in a very long time," said Maceo K. Sloan, Bancorp's Chairman. "This
moves us in a direction consistent with the Board's long term vision
for the company, and will help to position us for continued profitable
growth."

"Without a doubt, this is a win-win solution for MCSB shareholders
and customers, and we look forward to contributing to M&F's future
success," said William V. "Bill" Bell, Chairman of MCSB's Board of
Directors and the mayor of Durham.

President and CEO, Kim D. Saunders said, "This is a truly historic
event for both banks. We are excited to welcome our new customers and
shareholders into the M&F family. We also anticipate that our
increased presence in the Piedmont Triad area as well as planned
enhancements to our products and services will create additional
opportunities."

M&F Bancorp, Inc., a bank holding company with assets of
approximately $239 million as of December 31, 2007, is the parent
company of M&F Bank. Bancorp'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 Bank Corporate
Headquarters, 2634 Durham Chapel Hill Blvd., Durham, North Carolina at
919-687-7800, or visit www.mfbonline.com.

This release contains certain forward-looking statements with
respect to the financial condition, results of operations and business
of Bancorp and M&F Bank. These forward-looking statements involve
risks and uncertainties and are based on the beliefs and assumptions
of management of Bancorp and M&F Bank and on the information available
to management at the time that these disclosures were prepared. These
statements can be identified by the use of words like "expect,"
"anticipate," "estimate" and "believe," variations of these words and
other similar expressions. Readers should not place undue reliance on
forward-looking statements as a number of important factors could
cause actual results to differ materially from those in the
forward-looking statements. Neither Bancorp nor M&F Bank undertakes an
obligation to update any forward-looking statements. Additional
information is detailed in Bancorp's filings with the Securities and
Exchange Commission, and is available at www.sec.gov.

M&F Bancorp, Inc.
Lucera Blount Parker, 919-687-7802
Fax: 919-687-7821
lucera.parker@mfbonline.com

Copyright Business Wire 2008