First M&F closing 5 branches and selling one more

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Published: September 25,2011

Tags: FDIC, Hugh Potts Jr., Merchants and Farmers Bank

In closing five branches and selling another, Merchants and Farmers Bank CEO & Chairman Hugh Potts Jr. says the Kosciusko-based First M&F Corp. is adjusting to a banking market in which fewer customers rely on brick and mortar locations.

But he insists the move that involves eliminating slightly more than 50 jobs is an adjustment and not a conceding of market share to competitors. “We’re not retreating from any markets,” he said of plans announced last week to shut down a Jackson branch, the branch on U.S. 51 in Ridgeland, the Oxford West branch and the Tupelo Northside branch.

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