Two historic Black-owned banks plan merger to create the nation’s largest Black-owned bank

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the Grio

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Optus Bank and Mechanics & Farmers Bank are joining forces in a proposed monumental Black-owned bank merger.

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Two of America’s oldest Black-owned banks are joining forces in a move that could strengthen access to capital in Black communities. If approved, the merger would create the largest Black-owned bank in the United States by assets.

South Carolina-based Optus Financial Corporation, the parent company of Optus Bank, and North Carolina-based M&F Bancorp, the parent company of Mechanics & Farmers Bank, have signed a definitive merger agreement. Together, they would form the largest Black-owned bank in the United States, with approximately $1.27 billion in assets.

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