News

Jan 11, 2021

New COVID-19 relief loans now open. Restaurants, retail expected to lead demand.

COLUMBIA — The Bank of South Carolina is compiling a list of small-business owners calling in asking about more funds from forgivable federal loans as COVID-19 continues to pummel large swaths of the Palmetto State’s economy.

Dec 19, 2020

Columbia Business Monthly 50 Most Influential and the Hall of Fa

Since the beginning of this year, Optus Bank’s total assets, loans and earnings are on track to more than double the previous year totals while facing many Covid-19 related challenges.

Dec 13, 2020

Commercial lending push at Black-owned banks gets results

After decades of operating on the periphery of financial services, Black-owned banks are beginning to find seats at the tables where corporate transactions are brokered.

Dec 10, 2020

Black-owned banks band together to finance pro sports facility

A group of Black-owned banks will refinance a major construction loan for the Atlanta Hawks professional basketball team in a deal that organizers hope will spur more investment in Black-owned banks.

Nov 16, 2020

The Battle to Keep America’s Black Banks Alive

A half-century ago, the federal government set out to attack the racial wealth gap by supporting Black-owned banks. Policy makers hoped the banks would lend to Black communities sidelined by the mainstream financial system.

Oct 18, 2020

Growing Through A Crisis: Optus Bank

The coronavirus pandemic and the great recession that it caused has been devastating to businesses worldwide. That has been especially true when it comes to Black-owned businesses.

Sep 27, 2020

Lowcountry churches to invest thousands of dollars in Black-owned financial institutions

It’s harder for Blacks than other groups of Americans to obtain businesses loans, home financing and well-paying jobs. For more than a century since slavery’s end, African Americans have been systemically excluded from economic opportunities afforded to the majority, resulting in a wealth gap between Blacks and Whites.

Sep 9, 2020

Optus Bank: Capitalizing on what it does best

R&B singer, Billy Ocean, once sang, “When the going gets tough, the tough get going.” This is exactly what Optus Bank did in going the extra mile to make sure it provided funds to minority-owned businesses enabling them to sustain during the COVID-19 crisis, and to thrive after. According to Board Chair, Paul Mitchell, increasing its ability to serve more local minority-owned businesses while providing relationship banking services to the entire community has fueled the continued success of Optus Bank.

Sep 9, 2020

Bank of America allocates $300 million of $1 billion equity pledge

As part of a four-year, $1 billion pledge announced in June to advance racial equality and economic opportunity, Bank of America has announced commitments totaling $300 million. The commitments include support for initiatives across ninety-one U.S. and global markets in four areas: $25 million for jobs initiatives in Black and Latinx communities, $25 million in support of community outreach and initiatives, $50 million for direct equity investments to minority depository institutions (MDIs), and $200 million in proprietary equity investments in minority entrepreneurs, businesses, and funds.

Sep 8, 2020

Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds.