EXHIBIT
21




SUBSIDIARIES OF THE COMPANYSubsidiary
                                                      
                                                      Business Line
                                                      
                                                      Jurisdiction
                                                      
                                                      %
                                                        Ownership
                                                      
                                                      OwnerFirst
      M&F Statutory Trust I
                                                      
                                                      Trust
      Preferred Security Financing Entity
                                                      
                                                      Delaware
                                                      
                                                      100
                                                      
                                                      First
      M & F CorporationMerchants
      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 BankMS
      Statewide Title, LLC
                                                      
                                                      Title
      Insurance Agency
                                                      
                                                      Mississippi
                                                      
                                                      55
                                                      
                                                      Merchants
      and Farmers
Bank