M&F board rejects rival bid, plans another delay in Optus merger vote

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Southpoint AccessWes Platt

Durham-based M&F Bancorp is standing behind its planned merger with Optus Financial Corp., rejecting a rival proposal from Triad Business Bank and planning to give shareholders more time before a final vote.

The parent company of Mechanics & Farmers Bank announced Monday that its board unanimously concluded Triad’s fourth proposal was not better than the Optus agreement. M&F plans to adjourn its Oct. 20 shareholder meeting until Nov. 4 at 10 a.m. so shareholders can review additional information about the competing offer.

The dispute puts two different futures before the historic Durham bank: a cash buyout through Optus or Triad’s proposed combination that would allow shareholders to retain an ownership stake.