Rewriting history: to prop up profit, a bank with a celebrated past turns to a leader with a firm grasp on the future.

• Position: INQUISITION - Interview

Mechanics and Farmers Bank has recorded a profit every year since it opened its doors in Durham in 1908. Along with other black-owned businesses, it helped Parrish Street earn the nickname "Black Wall Street." But with increased regulatory costs and low interest rates pressuring margins, the bank earned $363,000 last year, 80% less than in 2006. To reverse the trend, M&F Bancorp Inc. named James Sills, 56, president and CEO in September, replacing Kim Saunders, who had the job since 2007. Trained in community banking, Sills was chief information officer for the state of Delaware since 2009. Government Technology magazine and Gov. Jack Markell praised his leadership in modernizing the state's budget systems while cutting costs. His task at M&F? use technology to keep a $300 million community bank with seven branches competitive with larger rivals. The following interview has been edited for clarity and brevity.

How will technology change M&F?

You'll see more mobile apps. Customers will be able to scan a check using a phone and deposit it into an account, transfer funds, get alerts and complete a loan application on their iPad or device. Community banks have to leverage technology, which big banks have been doing very effectively.

That sounds expensive.

Our vision is to leverage more cloud offerings and pay for the investments over time with a subscription model. Instead of having a large capital outlay to build an application or upgrade or refresh hardware, a vendor will manage the hardware and software.

Why return to the private sector?

I think this is the perfect time to get back into banking. The economy is slowly turning around. M&F customers are extremely loyal, and I was impressed with the board. They want to see change and position the bank for the future.

What changes do you have...