|                                              |   |                                      |   |         |   | %         |   |                        |
|---------------------------------------------------|--------|-------------------------------------------|--------|--------------|--------|-----------|--------|-----------------------------|
| Subsidiary                                        |   | Business Line                        |   | Jurisdiction |   | Ownership |   | Owner                       |
| First M&F Statutory Trust I                   |   | Trust Preferred Security Financing Entity |   | Delaware     |   | 100       |   | First M & F Corporation |
|                                              |   |                                      |   |         |   |      |   |                        |
| 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  |
|                                              |   |                                      |   |         |   |      |   |                        |
| M & F Step Up, LLC                            |   | Low Income Housing Tax Credit Entity      |   | Mississippi  |   | 100       |   | Merchants and Farmers Bank  |
|                                              |   |                                      |   |         |   |      |   |                        |
| MS Statewide Title, LLC                           |   | Title Insurance Agency                    |   | Mississippi  |   | 55        |   | Merchants and Farmers Bank  |

----