On July 23, 2013, the Board of Directors of M&F Bancorp Inc. elected Raymond C. Pierce to serve as a director of the company. At the same time he was also elected to serve as a director of the company's wholly-owned subsidiary, Mechanics and Farmers Bank. Mr. Pierce will serve as a director of the company and the Bank until the company's 2014 Annual Meeting of Shareholders, or until his successor is elected and qualified, or his earlier removal, resignation, death or incapacity.

Mr. Pierce has not yet been appointed to serve on any board committees, but is expected to do so in the near future.