Optus Financial Corporation and M&F Bancorp, Inc. announce partnership to create the nation’s premier African American bank

Columbia-based Optus Financial Corporation has announced a definitive agreement to merge with M&F Bancorp, Inc., the holding company for M&F Bank in Durham, North Carolina, in a transaction that will create the nation’s largest African American-owned bank. The agreement, announced July 22, is expected to result in a combined institution with approximately $1.3 billion in assets and 10 branch locations serving customers across North and South Carolina.

The merger brings together two of the country’s longest-standing minority-owned financial institutions with a shared mission of expanding access to capital and financial services in underserved communities. Once completed, M&F Bank will merge into Optus Bank, creating a larger organization focused on supporting individuals, small businesses, entrepreneurs and community development throughout the Southeast.

“Our partnership with M&F represents more than a merger of two institutions; it is a union of shared values, complementary strengths and a common vision for economic empowerment,” Optus Bank President and CEO Steve Crump said in the announcement. “Together, we will be better positioned to serve our communities, expand access to capital and create lasting value for our customers, employees and shareholders.”

Under the terms of the agreement, M&F Bancorp shareholders are expected to receive up to $53.30 per share in cash, consisting of an initial payment at closing and an additional contingent payment tied to the repurchase of certain preferred shares. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2026, subject to shareholder approval, regulatory approvals and customary closing conditions.

Founded in Columbia, Optus Bank has grown into one of the nation’s leading Black-owned financial institutions, while M&F Bank, established in 1907, is the second-oldest African American-owned bank in the United States. Bank leaders said the combination will strengthen both organizations’ ability to invest in local communities, expand lending opportunities and preserve their longstanding commitment to economic inclusion and community development.Optus Financial Corporation and M&F Bancorp, Inc. Announce Transformative Partnership to Create the Nation’s Premier African American Bank