KOSCIUSCKO — First M&F Corp., the parent of Kosciusko-based M&F Bank, will close five branches and reduce staff.
Chairman/CEO Hugh Potts Jr. tells The Clarion-Ledger that the bank’s intent is to now focus on a few locations to achieve higher levels of performance and efficiency.
M&F Bank will close a branch in in Ridgeland and one in Jackson during the fourth quarter of 2011, according to a statement.
Branches in Tupelo, Oxford and Wilsonville, Ala., also are slated to close. In addition, First M&F’s Niceville, Fla., branch is being sold to First Florida Bank in Destin, Fla.
The plan also will reduce overall staffing by 11 percent, with cost savings of about $4 million on an annualized basis.
First M&F has assets of with $1.5 billion with operations in four states.