Mechanics and Farmers Changing Name to M&F Bank
Mechanics and Farmers Bank, one of the nation's oldest and largest African-American-owned financial institutions, is rebranding as part of a broader effort to attract a younger and more diverse customer base. The Durham-based bank will now be branded simply as M&F Bank. “We’re trying to attract a younger demographic, a younger customer base,” James H. Sills III, the bank’s president and CEO, said. “Sixty percent of our customers are 60 years old and above... The future for us is the consumer that is 35 to 55... We’re going to be actively seeking diverse clientele. We think that’s the key for this institution... We just can’t rely on the African-American community. We have to go after everybody.”