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M&F Bancorp shareholders approve the sale of Durham's M&F Bank to Optus
The M&F-Optus deal by the numbers
- $105 million
- is what the deal values M&F at
- $53.30
- per share in cash at closing
- $1.3 billion
- in assets at the combined bank
- 10
- branches across North Carolina and South Carolina
Sources: Business North Carolina, ABC11 News
If you bank with M&F, the sale is one step from done. Shareholders overwhelmingly approved the merger into South Carolina-based Optus Financial Corp. Wednesday, and holders of fewer than 2% of shares voted against. The roughly $105 million deal still needs federal approval, and both banks expect it to close by the end of the year.
The banks say the biggest change for customers is lending power. M&F's legal limit is $11 million, and the combined bank could lend up to $20 million to one borrower. CEO Jim Sills, who will lead it, called the deal "a sign of strength."
The combined bank could lend up to $20 million to one borrower
Source: ABC11 News
View as table
| Value | |
|---|---|
| M&F's limit today | $11 million |
| Combined bank's limit | $20 million |
Greensboro-based Triad Business Bank had made unsolicited proposals to keep the M&F name. Triad would have controlled 51% of the shares, and M&F's board rejected them.
- Name: M&F keeps it for two years after closing
- Jobs: layoffs expected on both sides; number not shared
- Black-owned U.S. banks: 22 today, 21 after the merger
- Headquarters: the Triangle will lose the headquarter office
