This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

M&F Announces Project McKinley

KOSCIUSKO, Miss., Sept. 15, 2011 /PRNewswire/ -- First M&F Corporation's (NASDAQ: FMFC) subsidiary, Merchants and Farmers Bank, announced today Project McKinley, a comprehensive strategic performance initiative including a branch consolidation plan that will result in the reduction or sale of six branches.  The move comes as M&F seeks to improve efficiencies in preparation for navigating through current uncertain economic times and future growth opportunities.  Hugh Potts, Jr., Chairman and CEO commented, "This plan will prepare us for the future."  Mr. Potts further commented, "Our intent is to focus our best in fewer locations to achieve higher levels of performance and efficiency.  The operations and customer accounts of affected branches will be consolidated with nearby branches so we expect only positive service quality impact."

The branch consolidations will be accompanied by commensurate staff adjustments throughout the remaining branch network and administration and operations.  The Company expects to record charges in the third and fourth quarters to reflect the costs of McKinley. Mr. Potts further commented, "Overall staffing will be reduced by 11% with cost savings of approximately $4 million on an annualized basis.  Affected associates may apply for transfers or openings in the future.  Overhead savings will be significant."

The closures will be the Wilsonville, Alabama branch; the Ridgeland, Mississippi Hwy 51 branch; the Oxford, Mississippi West branch; the Tupelo, Mississippi Northside branch; and the Jackson, Mississippi branch.  The Niceville, Florida branch is being sold to First Florida Bank located in Destin, Florida.  All closures and the one sale are expected to be completed by the end of the fourth quarter after appropriate customer and regulatory notices.

About First M&F Corporation

First M&F Corp., the parent of M&F Bank, is committed to proceed with its mission of making the mid-south better through the delivery of excellence in financial services to 28 communities in Mississippi, Alabama, Tennessee and Florida.

Caution Concerning Forward Looking Statements

This document may include certain "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in First M&F Corporation's filings with the Securities and Exchange Commission.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs