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SC s only Black-owned bank receives multi-million equity investment from Wells Fargo Laurryn Salem, The State (Columbia, S.C.)
Feb. 12 South Carolina s only Black-owned bank, which traces its history to 1921 recently received a $3 million investment from one of the world s largest banks.
Wells Fargo announced equity investments in Optus Bank of Columbia and along with five other Minority Depository Institutions nationally.
With the capital from Wells Fargo, Optus Bank can be more equipped to help local minority communities by offering more small business loans, mortgage loans, financial education and a larger deposit-taking capacity. This growth can help meet the bank s mission to serve those previously unbanked, underbanked and historically underserved.
Wells Fargo is investing in six Black-owned banks including one in North Carolina and one in South Carolina as part of a $50 million pledge to help minority institutions and a “larger commitment to foster an inclusive recovery.”
Aside from the cash infusions, the The San Francisco-based bank will assign dedicated teams to provide the lenders with financial, technology and product expertise.
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