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First M&F Corp. Approved to Participate in U.S. Treasury Capital Purchase Program
Posted by: gurufocus (IP Logged)
Date: December 16, 2008 10:01AM
Press Release: First M&F Corp. Approved to Participate in U.S. Treasury Capital Purchase Program FIRST M&F CORP. the parent of M&F Bank is committed to proceed with its mission of making the mid-south better through the delivery of excellence in financial services to 32 communities in Mississippi Alabama Tennessee and Florida. First M & F Corp. has a market cap of $82.23 million; its shares were traded at around $8.13 with a P/E ratio of 9.6 and P/S ratio of 0.67. The dividend yield of First M & F Corp. stocks is 5.8%. First M & F Corp. had an annual average earning growth of 15.1% over the past 5 years. More on FMFC: Gurus buys and sells of FMFC 10-year financial history of FMFC. Insider buys/sells of FMFC.
The Capital Purchase Program is intended to increase the flow of credit toworthy borrowers and to restore confidence in the nation's banking system."This program will further strengthen our already well-capitalized balancesheet. We view it as a defensive measure against further weakening in theeconomy and as an offensive measure, allowing us to grow loans as theopportunities present themselves," said CEO and Chairman,
The issuers under this capital program will pay a 5% dividend for thefirst five years and 9% thereafter unless redeemed. The preferred stock maybe redeemed after a minimum of three years. The stock warrants issued will be10-year warrants.
First M&F Corporation is a
Caution Concerning Forward-Looking Statements
This document includes certain "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. Thesestatements are based on management's current expectations and are subject touncertainty and changes in circumstances. Actual results may differ materiallyfrom these expectations due to changes in economic, business, competitive,market and regulatory factors. More detailed information about those factorsis contained in First M&F Corporation's filings with the Securities andExchange Commission.Source: PRNewsWire More on FMFC: Gurus buys and sells of FMFC 10-year financial history of FMFC. Insider buys/sells of FMFC.
Stocks Discussed: FMFC,