M&F shareholders overwhelmingly support merger with Optus

AI-assisted source summary · not independently verified. Content standards

Approximately 98.6% of M&F Bancorp shareholders with voting rights supported the $105 million merger with Optus Bank, defeating an alternative proposal from Triad Business Bank. The transaction is still subject to approval by the Federal Reserve, FDIC and regulators in both states, and is targeted for completion in the fourth quarter; the merger will bring the two banks’ combined assets to $1,267.5 million.