Mechanics & Farmer Bank, a wholly-owned subsidiary of M&F Bancorp Inc., is the largest minority- and woman-owned bank in the U.S. As of December 2008, the bank’s assets totaled $270.3 million—up 21% from the previous year. The Durham-based bank was founded in 1907 by a group of nine prominent Durham businessmen including J. A. Dodson, J. R. Hawkins, John Merrick, Aaron M. Moore, W.G. Pearson, James E. Shepard, G. W. Stephens, and Stanford L. Warren.
In 2008, M&F Bank was named as minority banking partner of the Chrysler Minority Dealers Association (CMDA).