M&F Completes Acquision of Mutual Community Savings
Posted March 31, 2008 12:27 p.m. EDT
Durham, N.C. — M&F Bancorp Inc. has completed its purchase of Mutual Community Savings Bank Inc., officials said Monday.
“We’re pleased with the successful completion of our first merger in a very long time,” M&F Chairman Maceo K. Sloan said in a statement. “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,” Durham Mayor Bill Bell, who also was Mutual Community's chairman, said in the statement.
Mutual Community shareholders received one-for-one exchange of M&F stock for each share they held at the time of the merger.
The merger occurs as M&F Bank observes its 100th anniversary. Mutual Community recently marked its 86th anniversary.