M&F Bancorp Inc. of Durham, North Carolina, and Optus Financial Corporation of Columbia, South Carolina, signed a merger agreement to create the largest Black-owned financial institution in the United States. The transaction carries a value of over $105 million. The combined entity will hold more than $1.27 billion in total assets.
This deal consolidates the two largest Black-owned community banks in the Carolinas. The combined organization will operate under the Optus Bank brand. The parties expect the transaction to close by the end of the year.
M&F Bancorp’s eight existing branches will maintain their current names for a two-year transition period. These locations include a branch in Charlotte, North Carolina. All branches will fully transition to the Optus brand after the two-year window.