Columbia, S.C.-based Optus Financial Corporation and M&F Bancorp, Inc., Durham, N.C., will merge later this year..The $105 million deal is expected to close in the fourth quarter of this year and create the largest Black-owned financial institution in the United States with $1.27 billion in assets and 10 branches across North and South Carolina. Optus Financial is the holding company of Optus Bank. As of April, Optus Bank had $785 million in assets and $660 million in deposits. M&F Bancorp is the holding company of Mechanics & Farmers Bank. As of May, the bank had $488 million in assets and $414 million in deposits. M&F Bancorp President and CEO James H. Sills III will become CEO of the combined holding company and bank. Optus Chair Paul Mitchell will remain in his position. The combined organization will continue operating as a minority depository institution and certified Community Development Financial Institution.“The combined organization will allow us to serve more communities and operate with greater scale and effectiveness,” said James A. Stewart, chair of M&F Bancorp and M&F Bank.Performance Trust Capital Partners LLC was financial advisor to Optus, while Nelson Mullins Riley & Scarborough LLP was legal counsel. Piper Sandler & Co. was financial advisor to M&F Bancorp. Brooks, Pierce, McLendon, Humphrey & Leonard LLP provided legal counsel.
