**Exhibit 21**

**CONSOLIDATED SUBSIDIARIES OF THE COMPANY**

| **Subsidiary**                                      |   | **Business   Line**                         |   | **Jurisdiction** |   | **%    Ownership** |   | **Owner**                     |
|-----------------------------------------------------|--------|---------------------------------------------|--------|------------------|--------|--------------------|--------|-------------------------------|
|                                                     |   |                                             |   |                  |   |                    |   |                               |
| Merchants   and Farmers Bank                        |   | Commercial   Bank                           |   | Mississippi      |   | 100                |   | First M   & F Corporation |
|                                                |   |                                        |   |             |   |               |   |                          |
| M & F   Financial Services, Inc.                |   | Finance   Company (inactive)                |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| First M   & F Insurance Company, Inc.           |   | Life   Insurance Company                    |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| M & F   Insurance Agency, Inc.                  |   | Insurance Agency                            |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| M & F   Insurance Group, Inc.                   |   | Insurance   Agency                          |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| Merchants   and Farmers Bank Securities Corporation |   | Real Estate                                 |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| M & F   Business Credit, Inc.                   |   | Asset-Based   Lending                       |   | Mississippi      |   | 100                |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| Merchants   Financial Services Group, LLC           |   | Accounts   Receivable Factoring             |   | Mississippi      |   | 51                 |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| MS Statewide   Title, LLC                           |   | Title   Insurance Agency                    |   | Mississippi      |   | 55                 |   | Merchants   and Farmers Bank  |
|                                                |   |                                        |   |             |   |               |   |                          |
| **UNCONSOLIDATED SUBSIDIARIES OF THE COMPANY**      |
|                                                |   |                                        |   |             |   |               |   |                          |
| **Subsidiary**                                      |   | **Business   Line**                         |   | **Jurisdiction** |   | **%    Ownership** |   | **Owner**                     |
|                                                     |   |                                             |   |                  |   |                    |   |                               |
| First   M&F Statutory Trust I                   |   | Trust   Preferred Security Financing Entity |   | Delaware         |   | 100                |   | First M   & F Corporation |

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