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Banks in the Magnolia State have built up capital and profits, and their owners are hoping the state's poor national reputation will shield them for a while from big rivals and M&A trends.
October 29 -
First M&F Corp. in Kosciusko, Miss., is looking to shed six branches, or roughly 14% of its offices.
September 16
The Federal Reserve Board has lifted a memorandum of understanding against First M&F (FMFC) in Kosciusko, Miss.
As part of the November 2009 agreement, the $1.5 billion-asset company was barred from paying dividends to shareholders or interest on trust-preferred securities without first securing Fed approval. First M&F had also agreed to refrain from paying dividends on preferred stock it issued to the Treasury Department in return for $30 million from the Troubled Asset Relief Program.
First M&F said in its latest quarterly filing with the Securities and Exchange Commission that the Fed had been approving dividend payments to the Treasury and shareholders, along with interest payments on its trust-preferred securities.
The company's third-quarter earnings rose 7% from a year earlier, to $479,000.
First M&F, which