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M&F Bank Merges with Optus for $105M | Raleigh News
M&F Bank, the historic Black-owned institution from Durham, is merging with South Carolina’s Optus Bank in a deal that will pay shareholders over $105 million — with current CEO James Sills III stepping into the lead role of the new combined entity. This landmark merger unites two Minority Depository Institutions dedicated to uplifting underserved communities, blending M&F’s century-old legacy of supporting Black entrepreneurship with Optus’ regional strength. Despite past setbacks like a 2016 net loss, M&F has rebounded, seeing deposit growth post-2020. The deal, expected to close by year’s…
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