NORTH CAROLINA — M&F Bank, North Carolina’s oldest minority-owned financial institution, is merging with Optus Financial Corp., the parent company of Columbia, South Carolina-based Optus Bank.
The combined institution will operate 10 locations across the Carolinas and have about $1.3 billion in assets. It will be the largest Black-owned bank in the country.
M&F CEO James Sills will lead the combined company as chief executive officer. The headquarters will be in Columbia, but Sills will remain based in Durham.