Optus Bank will become the largest Black-owned bank in the United States when it merges with the M&F Bancorp of Durham, North Carolina. Optus, headquartered in Columbia, South Carolina, is currently the largest Black-owned bank in that state. The new, larger Optus will operate 10 branches in both Carolinas.
Largest US Black-owned Bank to be Created by Merger
M&F Bancorp, founded in 1907 as the Mechanics and Farmers’ Bank, has survived the Great Depression and other economic upheavals. Optus was founded in 1921 as Victory Savings Bank and likewise has survived the financial rollercoasters of the last century.
The merger was first announced in July 2026, and has not yet been voted on by shareholders, which is scheduled for a vote on October 7, 2026. Owners of M&F Bancorp stocks will be compensated for the sale at about the rate of $53.00 per share. It is unclear if the new Optus bank will be a publicly-traded corporation or remain a private institution.
