June 30, 2009 (FinancialWire) — M&F Bancorp, Inc. (OTCBB: MFBP) (Current Market Cap: $4.77 Mil.) said it has received around $11.7 million from the Federal government’s Troubled Asset Relief Program.

The company said that the TARP funds have been provided on a preferred basis due to M&F Bank’s designation as a community development financial institution.

company chairman James A. Stewart said, “Treasury’s recent expansion of the TARP for community banks was designed to help give ‘Main Street’ America greater access to capital, thus encouraging real economic recovery.”

He said that the funds offer M&F “a relatively low-priced, affordable source of capital, and represent the first major non-organic infusion of capital for M&F in more than 50 years.”

Durham, North Carolina-based M&F Bancorp is a bank holding company with posted assets of around $260 million as of March 31.

The company is the parent of M&F Bank, a state-chartered commercial bank with branch locations in Durham, Raleigh, Charlotte, Greensboro and Winston-Salem, North Carolina.

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