Black-Owned Banks Have Been Disappearing for Years. These 2 Just Made a Bold, $105 Million Move to Become the Nation's Largest
The combined bank will keep Optus’s Columbia headquarters and operate under one brand after two years, with about $1.27 billion in assets, officials said.
- On July 22, Optus Bank announced a merger with M&F Bancorp Inc. of Durham, North Carolina, creating an institution managing approximately $1.27 billion in total assets across 10 locations in the Carolinas.
- Both Optus and M&F are among the nation's longest-operating Black-owned banks, uniting over 220 years of combined banking experience to expand economic mobility and community impact across the region.
- M&F President James H. Sills III will serve as CEO while Optus Bank Chairman Paul Mitchell leads the board; Optus will retain its Columbia headquarters with all locations rebranding under the Optus name after two years.
- The merger remains subject to customary closing conditions, including approval by MFBP shareholders and required regulatory approvals, with closing anticipated in the fourth quarter of 2026.
- Board Director Reginald Webber noted the partnership aligns with Optus Bank's 105th anniversary this October, positioning the transaction to create the premier African American-owned financial institution.
14 Articles
14 Articles
Black America Web
Two Black-Owned Banks Uniting To Form A Historic Merger
Rawpixel A little competition can be healthy in any field of business, but the real power comes to those who know how to work together in pursuit of a bigger goal. In the world of banking, two of the oldest Black-owned entities are hoping to prove just that by orchestrating a merger that would create the single largest Black-owned bank when it comes to assets. RELATED: Access To Banking And Why It’s Important The big wigs at Optus Bank and Mech…
Two Black-Owned Banks Plan To Merge To Create $1.27B Institution Expanding Access To Capital In Underserved Communities
Two Black-owned banks have merged. According to a press release, South Carolina-based Minority Depository Institution (MDI) Optus Bank and North Carolina-based MDI Mechanics & Farmers Bank (M&F Bank) plan to merge, bringing together more than 220 years of combined banking experience and creating a financial institution with 10 locations across North Carolina and South Carolina and an estimated $1.27 billion in combined assets. The institutions, …
Coverage Details
Bias Distribution
- 75% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
