Optus Financial Corporation to Acquire M&F Bancorp, Inc (Mechanics & Farmers Bank)

Optus Financial Corporation (parent of Optus Bank) and M&F Bancorp, Inc. (parent of Mechanics & Farmers Bank) have signed a definitive merger agreement to combine two longstanding Minority Depository Institutions. Under the terms of the deal, M&F Bancorp will merge into Optus and M&F Bank will merge into Optus Bank for total consideration expected to exceed $105 million, with closing anticipated in the fourth quarter of 2026.