James H. Sills III Is About to Lead the Largest Black-Owned Bank in America

Let me tell you about James H. Sills III.

The bank he leads opened in 1907, making it the second-oldest African American-owned financial institution in the country — and by the end of 2026, Sills will be steering it through a merger that creates the largest Black-owned financial institution in the United States.

The Work

Sills is president and CEO of M&F Bancorp and M&F Bank, headquartered in Durham, North Carolina. In 2026, M&F signed a definitive agreement to merge with South Carolina’s Optus Financial Corporation and Optus Bank in a transaction valued at more than $105 million. When it closes — expected in the fourth quarter of 2026, pending shareholder approval and regulatory clearance — Sills will become CEO of the combined holding company and bank. The new institution will operate 10 locations across North and South Carolina and hold approximately $1.27 billion in total assets. M&F Bancorp shareholders are set to receive up to $53.30 in cash per share, including a contingent payment tied to the repurchase of certain preferred shares.

The Roots

M&F Bank was founded in 1907 and has anchored Black banking in North Carolina for more than a century; Optus traces its origins to 1921. Together the two institutions carry more than 220 years of combined operating history, and both are certified Community Development Financial Institutions — banks whose mandate is expanding credit and banking access in underserved communities. Sills frames the deal as continuity rather than consolidation for its own sake. “This transaction enables us to honor our legacy while providing enhanced resources and capabilities to those we serve,” he said. “M&F Bank was founded on the belief that every community deserves a financial institution that understands and serves its unique needs.”

Why You Should Know Him

When the merger closes, the combined organization becomes the largest African American-owned financial institution in the nation — a genuine national anchor for lending, financial inclusion, small-business growth and affordable housing across the Carolinas and beyond. Scale is the whole point: more capital to deploy, more technology and products, and a stronger platform to serve communities that too often get overlooked by bigger banks. Sills will be the one running it. That’s not just a promotion; it’s a statement about what Black-owned finance can become when two century-old institutions decide to build the future together.

Quick facts

• President and CEO, M&F Bancorp and M&F Bank (Durham, NC)
• M&F Bank was founded in 1907 — the second-oldest African American-owned financial institution in the U.S.
• Will become CEO of the combined M&F/Optus organization after a merger valued at more than $105 million
• Combined institution: approximately $1.27 billion in assets, 10 branches across North and South Carolina
• Merger expected to close in the fourth quarter of 2026

📸 Photo: M&F Bancorp / Optus Financial

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