|   |
|---|
|   |  |
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |
|---|
|   |  |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| MISSISSIPPI                                                   |   | 64-0636653 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                          |   |   |
| 134 West Washington Street,  Kosciusko, Mississippi |   | 39090 |
| (Address of principal executive offices)                      |   | (Zip Code) |

|                            |
|----------------------------|
|                            |  |  |
| Common Stock, $5 par value |   | The NASDAQ Stock Market LLC |
| (Title of each class)      |   | (Name of each exchange on which registered) |

|                            |
|----------------------------|
|                            |  |  |
| Common stock, $5 par value |   | 9,154,936 Shares |
| Title of Class             |   | Shares Outstanding at January 31, 2012 |

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|            |
|------------|
|            |  |  |  |  |
|       |   |   | Page |
| PART II    |   |   |   |
|       |   |   |   |
| Item 8     |   | Financial Statements and Supplementary Data |   |
|       |   | Consolidated Statements of Operations | 1 |  |
|       |   |   |   |
| SIGNATURES |   |   | 2 |  |

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|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                        | 2011 |   | 2010 |   | 2009 |
| Interest income:                                                                            |   |   |   |   |   |
| Interest and fees on loans                                                                  | $ | 60,201 |  |   | $ | 62,070 |  |   | $ | 66,782 |  |
| Interest on loans held for sale                                                             | 275 |  |   | 232 |  |   | 278 |  |
| Taxable investments                                                                         | 6,745 |  |   | 7,616 |  |   | 9,531 |  |
| Tax-exempt investments                                                                      | 1,252 |  |   | 1,549 |  |   | 2,105 |  |
| Federal funds sold                                                                          | 63 |  |   | 82 |  |   | 95 |  |
| Interest-bearing bank balances                                                              | 179 |  |   | 143 |  |   | 42 |  |
| Total interest income                                                                       | 68,715 |  |   | 71,692 |  |   | 78,833 |  |
| Interest expense:                                                                           |   |  |   |   |  |   |   |  |
| Deposits                                                                                    | 13,501 |  |   | 18,809 |  |   | 23,701 |  |
| Fed funds purchased and repurchase agreements                                               | 36 |  |   | 66 |  |   | 97 |  |
| Other borrowings                                                                            | 1,979 |  |   | 3,024 |  |   | 5,449 |  |
| Junior subordinated debt                                                                    | 1,335 |  |   | 1,992 |  |   | 1,992 |  |
| Total interest expense                                                                      | 16,851 |  |   | 23,891 |  |   | 31,239 |  |
| Net interest income                                                                         | 51,864 |  |   | 47,801 |  |   | 47,594 |  |
| Provision for loan losses                                                                   | 9,720 |  |   | 9,220 |  |   | 49,601 |  |
| Net interest income (expense) after provision for loan losses                               | 42,144 |  |   | 38,581 |  |   | (2,007 | ) |
| Noninterest income:                                                                         |   |  |   |   |  |   |   |  |
| Deposit account income                                                                      | 10,293 |  |   | 10,221 |  |   | 10,976 |  |
| Mortgage banking income                                                                     | 1,821 |  |   | 1,581 |  |   | 1,823 |  |
| Agency commission income                                                                    | 3,636 |  |   | 3,809 |  |   | 3,881 |  |
| Trust and brokerage income                                                                  | 584 |  |   | 526 |  |   | 489 |  |
| Bank owned life insurance income                                                            | 638 |  |   | 667 |  |   | 762 |  |
| Other income                                                                                | 2,464 |  |   | 1,865 |  |   | 2,412 |  |
| Securities gains, net                                                                       | 2,769 |  |   | 2,255 |  |   | 456 |  |
| Total investment other-than-temporary impairment losses                                     | (368 | ) |   | (435 | ) |   | (3,527 | ) |
| Portion of loss recognized in (reclassified from) other comprehensive income (before taxes) | (263 | ) |   | 32 |  |   | 2,698 |  |
| Net investment impairment losses recognized                                                 | (631 | ) |   | (403 | ) |   | (829 | ) |
| Total noninterest income                                                                    | 21,574 |  |   | 20,521 |  |   | 19,970 |  |
| Noninterest expenses:                                                                       |   |  |   |   |  |   |   |  |
| Salaries and employee benefits                                                              | 28,469 |  |   | 27,303 |  |   | 28,314 |  |
| Net occupancy expenses                                                                      | 3,935 |  |   | 3,937 |  |   | 4,614 |  |
| Equipment expenses                                                                          | 1,871 |  |   | 2,382 |  |   | 2,877 |  |
| Software and processing expenses                                                            | 1,540 |  |   | 1,627 |  |   | 1,898 |  |
| Foreclosed property expenses                                                                | 7,351 |  |   | 2,946 |  |   | 7,283 |  |
| FDIC insurance assessments                                                                  | 2,426 |  |   | 3,261 |  |   | 3,276 |  |
| Goodwill impairment                                                                         | — |  |   | — |  |   | 32,572 |  |
| Intangible asset amortization and impairment                                                | 427 |  |   | 426 |  |   | 1,688 |  |
| Other expenses                                                                              | 12,315 |  |   | 12,608 |  |   | 13,350 |  |
| Total noninterest expenses                                                                  | 58,334 |  |   | 54,490 |  |   | 95,872 |  |
| Income (loss) before income taxes                                                           | 5,384 |  |   | 4,612 |  |   | (77,909 | ) |
| Income tax expense (benefit)                                                                | 1,011 |  |   | 602 |  |   | (18,104 | ) |
| Net income (loss)                                                                           | 4,373 |  |   | 4,010 |  |   | (59,805 | ) |
| Net loss attributable to noncontrolling interests                                           | — |  |   | (1 | ) |   | (6 | ) |
| Net income (loss) attributable to First M&F Corporation                                 | $ | 4,373 |  |   | $ | 4,011 |  |   | $ | (59,799 | ) |
| Dividends and accretion on preferred stock                                                  | 1,774 |  |   | 1,692 |  |   | 1,464 |  |
| Gain on exchange of preferred stock                                                         | — |  |   | 12,867 |  |   | — |  |
| Net income (loss) applicable to common stock                                                | $ | 2,599 |  |   | $ | 15,186 |  |   | $ | (61,263 | ) |
| Net income (loss) allocated to common shareholders                                          | $ | 2,584 |  |   | $ | 15,071 |  |   | $ | (60,655 | ) |
| Earnings (loss) per share:                                                                  |   |  |   |   |  |   |   |  |
| Basic                                                                                       | $ | 0.28 |  |   | $ | 1.66 |  |   | $ | (6.69 | ) |
| Diluted                                                                                     | 0.28 |  |   | 1.66 |  |   | (6.69 | ) |

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|                         |
|-------------------------|
|                         |  |  |
| BY:                     | /s/ John G. Copeland |   |
|                    | John G. Copeland |   |
|                    | EVP and Chief Financial Officer |   |
|                    |   |   |
| DATE:    | March 28, 2012 |   |