More than a century after they were founded to expand access to capital in underserved communities, two of the nation’s oldest Black-owned banks are joining forces to create a financial institution with approximately $1.27 billion in assets.
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank (M&F) announced plans to merge in a transaction valued at more than $105 million. Subject to regulatory and shareholder approval, the combined institution will operate 10 banking locations across the Carolinas and bring together more than 220 years of banking history.
According to the companies, the merger will create the largest Black-owned financial institution in the United States…