Mechanics and Farmers Bank
Mechanics and Farmers Bank was chartered in 1907 by a group of nine prominent black North Carolina businessmen who hoped to meet the needs of the state's underserved black community. Today, M&F Bank's employees carry on that tradition, providing quality service to all customers and promoting personal and community development with an attitude of appreciation and respect.
Last month, Bank of America announced that it had completed 10 new equity investments as part of its 4-year $1 billion commitment to advance racial equality in economic opportunity. Of BoA's 10 equity investments, 6 were to CDBA member banks: Carver State Bank, Carver Federal Savings Bank, First Independence Bank, M&F Bank, Southern Bancorp, and Optus Bank. These investments will facilitate benefits across multiple states and in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.
Consumer Financial Protection Bureau Director Kathleen L. Kraninger announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These experts advise Bureau leadership on a broad range of consumer financial issues and emerging market trends. Valerie Quiett, SVP and Chief Legal Officer at M&F Bank in Durham NC, was named to the CBAC.
Durham, N.C. was once known nationally for its "Black Wall Street," a cluster of flourishing black-owned financial institutions and businesses. In the 1960s that energy dissipated in the wake of urban development, but still the city held on to a large number of black owned businesses. Now, propelled by a national fellowship program, the city of Durham is building a plan and a set of tools to help preserve black-owned businesses in the face of an aging baby boomer generation, a new knowledge economy, and 21st-century business model shifts that traditional entrepreneurs may ignore.