Optus Bank and Mechanics & Farmers Bank to Form Largest Black‑Owned Bank

Optus Bank and Mechanics & Farmers Bank have announced a merger that would create the nation’s largest Black‑owned bank, consolidating roughly $1.27 billion in assets and more than 220 years of combined banking experience. The agreement, announced in a press release, awaits approval from M&F shareholders and required regulatory clearances.

The combined institution will operate at over ten locations across North and South Carolina. Upon completion, M&F President James H. Sills III will serve as chief executive officer, while Optus Bank chairman Paul Mitchell will assume the role of chairman. The deal is slated to close in the fourth quarter of the year. Optus Bank, founded in 1921 and celebrating 105 years of “Banking on Communities,” and Mechanics & Farmers Bank, founded in 1907, aim to expand access to capital and economic opportunities for the Black community.

Both parent companies, Optus Financial Corporation and M&F Bancorp Inc., view the merger as a strategic move to enhance impact, preserve legacy, and strengthen community development financing.