UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________



FORM 10-K/A

Amendment No. 1



______________________________________________________



ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934



For the fiscal year ended December 31,
2013

Commission file number 000-027307







(Exact name of registrant as specified
in charter)





|North Carolina
        (State or Other Jurisdiction of Incorporation
        or Organization)                 | 56-1980549
        (I.R.S. Employer Identification No.)
|------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------
|2634 Durham Chapel Hill Blvd.
        Durham, North Carolina
        (Address of Principal Executive Offices) | 27707-2800
        (Zip Code)                          





(919) 687-7800

(Registrant’s Telephone Number,
Including Area Code)

Securities registered pursuant to Section
12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, no par value

(Title of class)



Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ̈Noý



Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ýNo ̈



Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment of this Form 10-K. ̈



Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation –S-T (Sec.232.405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YesýNo ̈



Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act (check one):



|Large accelerated filer ̈ | Accelerated filer ̈ | Non-accelerated filer ̈                              | Smaller reporting companyý
|------------------------ | ------------------ | --------------------------------------------------- | --------------------------
|                         |                    | (Do not check here if a smaller
 reporting Company) |                           











Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ̈Noý



The aggregate market value of the registrant's common stock
as of June 30, 2013, held by those persons deemed by the registrant to be non-affiliates was approximately $4,070,748. For purposes
of the foregoing calculation only, all directors, executive officers, and 5% stockholders of the registrant have been deemed affiliates.



State the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: As of March 24, 2014, there were 2,031,337 shares outstanding of the issuer's
common stock, no par value.



DOCUMENTS INCORPORATED BY REFERENCE



|Document
Incorporated                                                                                               | Where   
|------------------------------------------------------------------------------------------------------------------- | --------
|Portions of the registrant's Proxy Statement for the Annual Meeting of the Stockholders to be held on June 3, 2014. | Part III



EXPLANATORY NOTE



This amendment No. 1 on Form
10-K/A (this “Amendment”) amends the registrant’s Annual Report on Form 10-K for the year ended December 31,
2013, which the Registrant previously filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2014
(the “Original Filing”). The Registrant is filing this amendment solely to correct a typographical error in the Original
Filing, i.e. the inadvertent omission of the name and signature of the independent registered public accounting firm in its report
on page 42 thereof. The Registrant had received a manually signed copy of such report pior to filing the Original Filing. In addition,
as required by Rule 12b-15 under the Securities Exchange Act of 1934, new certifications by our principal executive officer and
principal financial officer are filed as exhibits to this Amendment. Except for the amendment as described above, we have not modified
or updated disclosures presented in the Original Filing in this Amendment. Accordingly, this Amendment does not reflect events
occurring after the filing of the Original Filing or modify or update those disclosures affected by subsequent events. Accordingly,
this Amendment should be read in conjunction with our filings made with the SEC after the filing of the Original Filing.













PART II



Item 8. Financial Statements



Report of Independent Registered
Public Accounting Firm



To the Board of Directors and Stockholders

M&F Bancorp, Inc. and Subsidiary

We have audited the accompanying consolidated balance sheets of M&F Bancorp, Inc. and Subsidiary (the “Company”)
as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, changes in stockholders'
equity, and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of their internal
control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of M&F Bancorp, Inc. and Subsidiary as of December 31, 2013 and 2012, and the results of their operations and their
cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.



/s/Elliott Davis, PLLC

Charlotte, North Carolina
March 18, 2014











PART IV



Item 15. Exhibits

Exhibits and Index of Exhibits

The following exhibits are filed
with or incorporated by reference into this report.



|Exhibit No.       | Exhibit Description                                                                                                                                                                                                                                                                                                                                 
|----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(i)(a)   | Amended and Restated Articles of Incorporation of the Company, incorporated by reference to Exhibit 3(i) to the Form 10-QSB for the quarter ended September 30, 1999, filed with the SEC on November 12, 1999.                                                                                                                                      
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(i)(b)   | Articles of Amendment, adopted by the Shareholders of the Company on May 3, 2000, filed with the North Carolina Department of the Secretary of State on July 12, 2000, and incorporated by reference to Exhibit 3(v) to the Form 10-KSB for the year ended December 31, 2005, filed with the SEC on March 31, 2006.                                 
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(i)(c)   | Articles of Amendment, adopted by the Shareholders of the Company on June 9, 2009, filed with the North Carolina Department of the Secretary of State on June 11, 2009, and incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the SEC on June 26, 2009.                                                                           
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(i)(d)   | Articles of Amendment, adopted by the Board of Directors of the Company on June 10, 2009, filed with the North Carolina Department of the Secretary of State on June 25, 2009, and incorporated byreference to Exhibit 4.2 to the Form 8-K filed with the SEC on June 26, 2009.                                                                     
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(i)(e)   | Articles of Amendment, adopted by the Board of Directors of the Company on July 27, 2010, filed with the North Carolina Department of the Secretary of State on August 20, 2010, and incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the SEC on August 23, 2010.                                                                
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3(ii)     | Restated Bylaws of the Company, incorporated by reference to Exhibit 99.1 to the Form 8K filed with the SEC on April 6, 2009.                                                                                                                                                                                                                       
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4(i)      | Specimen Stock Certificate, incorporated by reference to Exhibit 4 to the Form 10-KSB for the year ended December 31, 2000, filed with the SEC on April 2, 2001.                                                                                                                                                                                    
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4(ii)     | Form of Certificate for the Fixed Rate Cumulative Perpetual Preferred Stock, Series B, incorporated by reference to Exhibit 4.2 to the From 8-K filed with the SEC on August 23, 2010.                                                                                                                                                              
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 10(i) *   | Employment Agreement dated January 12, 2007 by and among Kim D. Saunders, the Company and the  Bank, incorporated by reference to Exhibit 99.1 to the Form 8-K filed with the SEC on January 18, 2007.                                                                                                                                              
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 10(ii)    | Letter Agreement and certain side letters, all dated August 20, 2010, between the Company and the United States Department of the Treasury, with respect to the issuance and sale of the Fixed Rate Cumulative Perpetual Preferred Stock, Series B, incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the SEC on August 23, 2010.
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 10(iii) * | Employment
    Agreement Amendment, dated June 26, 2009, among the Company, the Bank and Kim D. Saunders, incorporated by reference to
    Exhibit 10.2 to the Form 8-K filed with the SEC on June 26, 2009.                                                                                                                                        
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 21        | Subsidiaries of the Company, incorporated by reference to Exhibit 21 to Form 10-KSB the SEC on March 31, 2006.                                                                                                                                                                                                                                      
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 31 (i)    | Certification of Kim D. Saunders.                                                                                                                                                                                                                                                                                                                   
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 31 (ii)   | Certification of Randall C. Hall.                                                                                                                                                                                                                                                                                                                   
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 32        | Certification pursuant to 18 U.S.C. Section 1350.                                                                                                                                                                                                                                                                                                   
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 99 **     | Certification pursuant to the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009.                                                                                                                                                                                                       
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 99 (ii)** | Certification pursuant to the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009.                                                                                                                                                                                                       
|                  |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 101 **    | Financial Statements submitted in XBRL format                                                                                                                                                                                                                                                                                                       



* management contracts and compensatory arrangements.

** previously filed as an exhibit to the Original
Filing.









SIGNATURES



In accordance with Section 13 or 15(d) of the Securities
Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|               |     | M&F Bancorp, Inc.                    
|-------------- | --- | -------------------------------------
|               |     |                                      
|               |     |                                      
|March 24, 2014 | By: | /s/ Kim D. Saunders                  
|               |     | Kim D. Saunders                      
|               |     | President and Chief Executive Officer



















INDEX TO EXHIBITS





|Exhibit 31(i) | Certification of Kim D. Saunders.
|------------- | ---------------------------------



|Exhibit 31(ii) | Certification of Randall C. Hall.
|-------------- | ---------------------------------



|Exhibit 32 | Certification pursuant to 18 U.S.C. Section 1350.
|---------- | -------------------------------------------------