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Durham-based M&F Bancorp posted a profit of $125,000, or 6 cents per share, in the second quarter, according to a Securities and Exchange Commission filing. That reversed a loss of $352,000 a year ago.
"We are very optimistic in this down economy," said Lyn Hittle, chief financial officer.
Hittle attributed the bank's performance to a combination of cost-cutting efforts, lower debt and lower interest rates on debt payments, and lower rates paid on interest-bearing deposits such as money markets and certificates of deposit.
Mechanics and Farmers Bank has nine branches: three in Durham, two each in Raleigh and Charlotte, and one each in Winston-Salem and Greensboro.
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