CHARLOTTE — A mystery bidder that emerged for M&F Bank has identified itself as Triad Business Bank of Greensboro.
Shareholders had been expected to vote Oct. 7 on the Durham institution’s pending merger with Optus Bank of South Carolina. However, the meeting was adjourned to give shareholders more time to analyze new disclosures tied to an unsolicited offer that the board had previously recommended against.
Triad, a Greensboro startup lender that launched in 2020, is the “Party A” challenging M&F’s planned sale. The bank has grown to about $536 million in assets and says it sees M&F as the foundation for a larger North Carolina banking company.
Triad, which is not a minority-owned business like M&F and Optus, released details on Oct. 15 of its competing proposal that would see M&F keep its brand intact. According to Jonathan Lee Kelly, a director at Triad, his bank has made a total of four proposals.
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