“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.
Copyright 2022 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.