CONTACT:
Sherry Ashley
SVP & Director of Marketing
(662) 289-8506

August 12, 2004

FOR IMMEDIATE RELEASE

First M&F Corp. declares quarterly dividend

KOSCIUSKO, Miss.- The board of directors of First M&F Corp., at its meeting August 11, 2004, declared a quarterly cash dividend of $.25 per share, payable September 30, 2004, to stockholders of record as of September 17, 2004.

First M&F Corp. (NASDAQ:FMFC) is a $1.1 billion community bank holding company, with banking locations throughout Central and North Mississippi.