CONTACT:
Hugh S. Potts, Jr.
Chief Executive Officer
(662) 289-8501

April 16, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. announces plan to repurchase shares

KOSCIUSKO, Miss.- The board of directors of First M&F Corp., at its meeting April 14, 2004, authorized the repurchase of up to 120,000 shares of the company’s outstanding common stock beginning in May.

The repurchase plan was authorized for a 12-month period beginning May 1, 2004 and ending April 30, 2005. The authorization specified the repurchase of up to 10,000 shares in any given month. The purchases will be made in the market, under SEC guidelines, through a third party broker. The reacquired shares will be held as authorized but unissued shares to be used for general corporate purposes.

Management believes that the repurchase activity will enhance the liquidity of the Company’s stock and will also improve earnings per share. Management was also given the authority to suspend the repurchase activity when capital is required for expansion purposes or other large projects.

First M&F Corp. (NASDAQ:FMFC) is a $1.1 billion community bank holding company, Making Mississippi Better, with banking locations throughout Central and North Mississippi.

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