Exhibit
21





CONSOLIDATED SUBSIDIARIES OF
THE COMPANY


Subsidiary
                                            
                                            Business
      Line
                                            
                                            Jurisdiction
                                            
                                            %
                                              Ownership
                                            
                                            OwnerMerchants
      and Farmers Bank
                                            
                                            Commercial
      Bank
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            First
      M & F CorporationM
      & F Financial Services, Inc.
                                            
                                            Finance
      Company (inactive)
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankFirst
      M & F Insurance Company, Inc.
                                            
                                            Life
      Insurance Company
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankM
      & F Insurance Agency, Inc.
                                            
                                            Insurance
      Agency
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankM
      & F Insurance Group, Inc.
                                            
                                            Insurance
      Agency
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankMerchants
      and Farmers Bank Securities Corporation
                                            
                                            Real
      Estate
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankM
      & F Business Credit, Inc.
                                            
                                            Asset-Based
      Lending
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankM
      & F Step Up, LLC
                                            
                                            Low
      Income Housing Tax Credit Entity
                                            
                                            Mississippi
                                            
                                            100
                                            
                                            Merchants
      and Farmers BankMerchants
      Financial Services Group, LLC
                                            
                                            Accounts
      Receivable Factoring
                                            
                                            Mississippi
                                            
                                            51
                                            
                                            Merchants
      and Farmers BankMS
      Statewide Title, LLC
                                            
                                            Title
      Insurance Agency
                                            
                                            Mississippi
                                            
                                            55
                                            
                                            Merchants
      and Farmers Bank





UNCONSOLIDATED SUBSIDIARIES
OF THE COMPANY


Subsidiary
                              
                              Business
      Line
                              
                              Jurisdiction
                              
                              %
                                Ownership
                              
                              OwnerFirst
      M&F Statutory Trust I
                              
                              Trust
      Preferred Security Financing Entity
                              
                              Delaware
                              
                              100
                              
                              First
      M & F Corporation