Nelson Mullins served as legal counsel to Optus Financial Corporation, parent company of Optus Bank, in its definitive merger agreement with M&F Bancorp, Inc., parent company of Mechanics & Farmers Bank. Upon completion, the transaction is expected to create the largest African American-owned financial institution in the United States and one of the most significant combinations of Minority Depository Institutions (MDIs) in recent years.

Nelson Mullins’ representation was led by Robert Klingler with assistance from Ben Barnhill, Joe Howard, Stephanie Smith, Frances-Ann Criffield, Troy Varrasse, and Clara Noble.

Under the terms of the agreement, M&F Bancorp will merge with and into Optus Financial Corporation, and Mechanics & Farmers Bank will merge with and into Optus Bank. The transaction is valued at more than $105 million and brings together two historic, mission-driven financial institutions with more than 220 years of combined banking experience.

The combined organization is expected to have approximately $1.27 billion in total assets and operate 10 banking locations across North and South Carolina, further strengthening access to capital, financial services, and economic opportunity throughout the region.

To read the full press release from Optus Financial Corporation and M&F Bancorp, Inc., click here.