CONTACT:
Sherry Ashley
SVP and Director of Marketing
662.289.8506

May 13, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. Announces Board Elections

Kosciusko, MS—Jeffrey A. Camp, Hollis Cheek, Michael L. Nelson, and Larry Terrell, have been elected to the First M&F Corporation Board of Directors.

Jeff Camp, EVP and Senior Credit Officer, joined the bank in 1998. His current responsibilities include the credit and sales functions of the commercial loan group and oversight of the M&F Business Credit office in Memphis, Tennessee. Under his leadership, the lending areas have expanded to include multiple products and services to meet the full credit needs of the bank’s customer base. A native of Memphis, he earned his bachelor’s degree in banking and finance from Mississippi State University and completed the Southwest Graduate School of Banking program at Southern Methodist University in Dallas, Texas. Jeff’s current and past civic responsibilities include memberships on the boards of the Desoto Economic Council, Desoto Sunrise Children’s Home, Mississippi State University Alumni Association and most recently the Chairman of the Board of Trustees for the Southeastern Lending School at Vanderbilt.

Hollis Cheek, owner and President of J.C. Cheek Sod & Erosion Contractor, Inc. in Kosciusko, Mississippi, brings an array of business knowledge to the Board. A native of Kosciusko, he is a graduate of Kosciusko High School and Mississippi State University. Cheek currently employs over 150 people throughout his various companies, which include, Cheek, Inc., Attala Lining Systems, Inc., Techno-Catch, LLC, Old Trace Coffee Company and the Kosciusko Mercantile, Inc. Hollis has served in leadership positions at the state and local level including, City Alderman of Kosciusko, State Senator, Chairman of the Attala County Industrial Development Board and President of the Mississippi Road Builders’ Association. He is currently a member of the Small Business Advisory Board of the U.S. Department of Energy.

Mike Nelson, owner and founder of Nelson and Associates, a management consulting firm that offers strategic planning services, has an extensive background in business. Nelson previously held key management positions in the technology and business services industry serving as President of Forsythe Solutions Group, a subsidiary of Forsythe Technology in Chicago, President and CEO of Chrysler Systems, a technology subsidiary of Chrysler Corporation and was the founding partner in Econocom, a computer equipment leasing and services firm based in Memphis. A native of Kosciusko, he earned his bachelor’s degree in Marketing from the University of Mississippi. Mike has served on several boards, both in Memphis and Chicago.

Larry Terrell, President and CEO of Ivey Mechanical Company brings a wealth of knowledge to the Board. Having worked with Ivey Mechanical for over 30 years and serving in various management roles, he has been instrumental in the success of the company. His current responsibilities include presiding over the eleven offices located throughout the southeast. He attended Forrest Hill High School in Jackson and Hinds Community College in Raymond, Mississippi. Larry is a member of the Mississippi Economic Council, ABC Contractors Group and the Kosciusko Chamber of Commerce.

"The addition of Camp, Cheek, Nelson and Terrell brings extensive expertise and leadership to our company as we expand our focus to serve the full financial needs of our customers,” commented Hugh Potts, Jr., First M&F’s Chairman and CEO. “We are extremely pleased to have individuals of this caliber on our board."

First M&F Corporation, headquartered in Kosciusko, Mississippi, is a full service provider of banking, trust, securities brokerage and insurance products and services. As of March 31, 2004, M&F had $1.1 billion in assets and is one of the ten largest banks in the state. Serving customers throughout Mississippi and Memphis, Tennessee, First M&F has 35 offices including 9 insurance agency locations. M&F is a publicly held company and is traded on the NASDAQ National Market System under the symbol FMFC.

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