Black-owned banks Optus and M&F to merge, creating largest Black-owned bank in US
Two of the oldest Black-owned banks in the United States, Mechanics & Farmers Bank (M&F) and Optus Bank, have announced a merger valued at $105 million or more, expected to close in the fourth quarter of 2026. The combined institution will have approximately $1.3 billion in assets and 10 locations across North and South Carolina. Both banks are federally designated minority depository institutions and community development financial institutions with over a century of history. The merger will create the largest Black-owned bank in the nation. Paul Mitchell, Optus chairman, will chair the combined entity, while M&F CEO James Sills III will serve as CEO. The banks have previously received investments from Wells Fargo, State Street, and the NFL as part of racial equity initiatives.
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