M&F Bank Merges with Optus for $105M | Raleigh News

M&F Bank, the historic Black-owned institution from Durham, is merging with South Carolina’s Optus Bank in a deal that will pay shareholders over $105 million — with current CEO James Sills III stepping into the lead role of the new combined entity. This landmark merger unites two Minority Depository Institutions dedicated to uplifting underserved communities, blending M&F’s century-old legacy of supporting Black entrepreneurship with Optus’ regional strength. Despite past setbacks like a 2016 net loss, M&F has rebounded, seeing deposit growth post-2020. The deal, expected to close by year’s end pending regulators, sent M&F’s stock soaring 60% on announcement — a clear vote of confidence. Together, they’re poised to become a more powerful force for financial empowerment in communities that need it most. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/fa88aade305002bb