FIRST M & F CORPORATION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20459
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) September 14, 1998 (September
9, 1998)
FIRST M & F CORPORATION
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(Exact name of registrant as specified in its charter)
Commission File Number: 0-9424
Mississippi 64-0636653
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(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
221 East Washington Street
Kosciusko, Mississippi 39090
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number: (601) 289-5121
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FIRST M & F CORPORATION
ITEM 5. OTHER EVENTS
The purpose of this Current Report on Form 8-K is to announce that
First M & F Corporation has executed a definitive agreement to acquire First
Bolivar Capital Corporation of Cleveland, Mississippi. The attached press
release, issued on September 9, 1998, outlines the proposed merger, which is
expected to close at or around December 31, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99. Press Release issued by First M & F
Corp., dated September 9, 1998, headed
"First M & F Corp., First Boliver Capital
Corp. sign definitive agreement."
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 thereunto duly authorized.
Dated: September 14, 1998
FIRST M & F CORPORATION
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(Registrant)
By:
/s/ Robert C. Thompson, III
Treasurer
Exhibit 99 to First M & F Corporation Form 8-K
FIRST M & F CORPORATION
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
September 9, 1998 Bobby Thompson
Chief Financial Officer
(601) 289-8569
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First M&F Corp., First Bolivar Capital Corp. sign definitive agreement
KOSCIUSKO, Miss.-(NASDAQ:FMFC)- First M&F Corporation and First Bolivar Capital
Corporation of Cleveland, MS jointly announced today that they have signed
a definitive agreement for First M&F Corp. to acquire First Bolivar Capital
Corp. and its subsidiary, First National Bank of Bolivar County. This
announcement was made by First M&F Corp. Chairman and CEO Hugh S. Potts, Jr.,
First Bolivar Capital Corp. Chairman Don Blackwood, M.D., and First National
Bank of Bolivar County President and CEO Doug Springer.
First National Bank of Bolivar County, headquartered in Cleveland, had reported
assets of $39.8 million as of August 31, 1998. The bank will be merged into
First M&F Corp.'s Merchants and Farmers Bank subsidiary and will retain its
local management team.
Under the agreement, 243,243 shares of First M&F Corp. common stock will be
exchanged for all First Bolivar Capital Corp. issued and outstanding shares.
Based on a First M&F Corp. stock price of $37, the value of this transaction is
approximately $9 million. The transaction will be a tax-free exchange and is
subject to approval by the stockholders of First Bolivar Capital Corp. and
regulatory authorities.
Potts said that FNB of Bolivar County would strengthen the M&F Bank community
banking franchise.
"We are pleased to affiliate with FNB," Potts said, "in a combination that is
beneficial to both banks' customers, employees and shareholders. Cleveland is an
excellent market with great potential."
Blackwood and Springer said that they look forward to the market advantages that
a larger bank can provide.
"With the economies of scale and data processing capacity that M&F Bank brings,
we can offer more products and services to our customers than ever before,"
Springer said. "We also look forward to partnering with a Bank that shares the
same values as we do."
First M&F Corp., parent of Merchants & Farmers Bank, is a $645 million bank
holding company with banking locations throughout Central and North Mississippi.
