CVMSDC touts strategic growth and collaboration as M&F Bank, Optus Bank announce $105 million merger

CHARLOTTE, N.C. — The Carolinas‑Virginia Minority Supplier Development Council (CVMSDC) applauds the announced merger between Durham‑based M&F Bank and South Carolina‑based Optus Bank, a transformative $105 million deal that will create the nation’s largest Black‑owned bank with $1.27 billion in assets. The merger, expected to close in late 2026, represents a powerful example of how scaling, partnerships and strategic collaboration strengthen long‑term sustainability for minority‑owned institutions.

According to news reports, the combined institution will operate 10 branches across North Carolina and South Carolina, maintaining the M&F Bank name for two years before fully transitioning to the Optus Bank banner. Leadership of the merged entity will include M&F CEO James Sills III as CEO and Optus Chairman Paul Mitchell as board chair, bringing together two legacy institutions founded in 1907 and 1921 respectively—each with deep roots in advancing economic mobility for historically underserved communities. This milestone merger underscores the importance of scale in today’s rapidly evolving financial landscape. By combining resources, expanding their footprint, and aligning mission‑driven strategies, the two banks are positioning themselves to deliver greater access to capital, invest more deeply in innovation, and expand economic opportunity for generations to come.

CVMSDC President & Chief Engagement Officer Dominique Simpson Milton said, “The merger of these two great companies to expand their service, strengthen their impact, and extend their reach within and across communities demonstrates the power of scaling and sustainability in business for generations to come.” As minority‑owned businesses navigate shifting markets, technological advances, and increasing competition, CVMSDC continues to champion collaborative growth models that help companies build resilience and seize new opportunities. Strategic partnerships—like the M&F and Optus merger—reflect the forward‑looking mindset needed to ensure minority‑owned enterprises remain strong, competitive and prepared to lead into the future.

The Carolinas-Virginia Minority Supplier Development Council is one of 23 regional affiliate councils of the National Minority Supplier Development Council (NMSDC). The Council is a membership organization of major corporations, financial institutions, government agencies and universities that operate within North Carolina, South Carolina and Virginia. Founded nearly five decades ago, CVMSDC continues its mission to enhance business opportunities for small business owners and certified Minority Business Enterprises (MBEs) through its four pillars: advocacy, certification, connections and development. The Council remains committed to strengthening the supplier ecosystem and advancing economic inclusion across the tri-state region. For more information on The Council, visit: www.cvmsdc.org

 

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