Optus Financial to Buy M&F Bancorp in $105 Million Deal

Optus Financial of South Carolina and North Carolina-based M&F Bancorp are minority-focused banks serving communities that have historically faced gaps in access to capital. Their combination underscores the pressure on smaller community lenders to gain scale as technology investments, regulatory costs and competition from larger financial institutions reshape the US banking industry.

Optus Financial agreed to acquire M&F Bancorp in a deal valued at more than $105 million, with completion expected in the fourth quarter. The combined institution will have about $1.27 billion in total assets and rank as the second-largest Black-owned financial institution in the United States, strengthening its capacity to invest in technology and serve minority communities across the Southeast.