CONTACT: John G. Copeland
Chief Financial Officer
(662) 289-8594

September 14, 2006

FOR IMMEDIATE RELEASE

First M&F Corp. declares quarterly dividend

KOSCIUSKO, Miss.- The board of directors of First M&F Corp., at its meeting August 9, 2006, declared a quarterly cash dividend of $.13 per share, payable September 29, 2006, to stockholders of record as of September 18, 2006.

First M&F Corp. (NASDAQ:FMFC) is a $1.5 billion community bank holding company, with banking locations throughout Central and North Mississippi.