Current Report Filing (8-k)
December 28 2015 - 4:02PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 28, 2015
M&F BANCORP, INC.
(Exact Name of Registrant as specified in
its charter)
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North Carolina |
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000-27307 |
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56-1980549 |
(State or other jurisdiction
of incorporation) |
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(Commission File No.) |
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(IRS Employer
Identification No.) |
2634 Durham Chapel Hill Boulevard, Durham,
North Carolina 27707
(Address of principal executive offices)
Registrant’s telephone number, including
area code (919) 687-7800
Not Applicable
(Former address of principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
INDEX
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Page |
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Item 8.01 – Other Events |
3 |
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Signatures |
4 |
ITEM 8.01. OTHER EVENTS.
The Board of Directors of M&F Bancorp,
Inc. (the “Company”) has determined not to declare an annual dividend on its common stock for 2015.
James H. Sills III, President and CEO of the
Company, commented that, “Several years ago with the continued economic pressures on community banks, the Board of Directors
began to review the Company’s ability to declare dividends during the fourth quarter of the year. Based on its review for
the year, the Board has determined it is in the best interest of the Bank, the Company and its shareholders to forego a common
stock dividend. While the capital position of M&F Bank remains strong, at this time the Board believes that capital reinvestment
is of greater benefit to the shareholders than the continued payment of common dividends.”
The Company’s participation in the Community
Development Capital Initiative (“CDCI”), a TARP program, imposes restrictions and obligations on the Company that limits
its ability to declare or pay dividends to its common shareholders. In 2010, the Company issued 11,735 shares of Series B
Preferred Stock pursuant to the CDCI, in exchange for which the Company received a capital investment of $11.7 million. Under
the terms of the CDCI program, the decision not to pay a common stock dividend in 2015 prevents the Company from declaring or paying
future common stock dividends until such time as the Series B Preferred Stock is redeemed and the Company exits the CDCI program.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 28, 2015
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M&F BANCORP, INC. |
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By: |
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/s/James H. Sills III |
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James H. Sills III |
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President and
Chief Executive Officer |
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