**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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