Greensboro's Triad Business Bank Makes Rival Bid for Historic M&F Bank

GREENSBORO, N.C. — A Greensboro-based bank has emerged as a competing bidder for Durham's historic M&F Bank, adding a Triad dimension to a closely watched decision about the future of one of the country's oldest Black-owned financial institutions.

Triad Business Bank, founded in Greensboro in 2020, is challenging an earlier agreement under which M&F would be acquired by South Carolina's Optus Bank. That proposed transaction was intended to create the nation's largest Black-owned bank, but the new proposal could give M&F shareholders another option before a scheduled October 20 vote.

According to reporting published October 16 by Axios Raleigh, Triad Business Bank director Jonathan Lee Kelly said his institution had submitted four separate offers for M&F's consideration. M&F publicly acknowledged a rival bid but did not confirm the number of offers described by Kelly.

The proposals differ in structure. The Optus arrangement would acquire M&F, while Triad Business Bank's approach would keep the two banks separate under a holding company. Triad's representatives say their proposal would preserve the M&F name and Durham headquarters, emphasizing the bank's identity and history.

M&F is the second-oldest Black-owned bank in the United States. Its history gives the transaction significance beyond a conventional regional banking deal. Decisions about its ownership, headquarters and name carry cultural and community implications, particularly for customers and supporters who view the institution's independence as part of its mission.

Triad's representatives have also argued that their proposed structure could be more favorable to shareholders from a tax perspective because it would allow them to retain shares rather than receive cash in a complete acquisition. That claim is the bidder's position, not a final independent determination of the financial merits of either transaction.

The proposed combination would be consequential for Greensboro's banking community as well. Triad Business Bank is a relatively young institution, and a successful bid could increase its visibility and geographic reach. The potential deal could also connect banking operations across two of North Carolina's major metropolitan areas.

The transaction is not settled. M&F shareholders are expected to vote on the Optus agreement October 20, and the existence of a competing bid does not guarantee it will be accepted. The next several days will be important for evaluating whether the rival proposal changes the terms, timing or outcome of the previously announced deal.