First M&F to close five branches, four in Mississippi
Published: November 3,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Mississippi Film Studios signs contract with New Orleans company
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Mars Food expanding Delta plant; investing $31M and adding jobs
- State renews battle over water use with city of Memphis
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Biloxi baseball project still alive but may be held for 2015