South Carolina Community Bank
South Carolina Community Bank was founded in 1999 and is a CDFI bank headquartered in Columbia, South Carolina. The Bank seeks to be the outstanding financial institution in its community by providing a select range of high priority personalized products and services to traditionally underserved communities, small to medium sized businesses, professionals, and local organizations.
This month, South Carolina Community Bank officially changed its name to Optus Bank. The bank will also complete its conversion to a new core banking system and upgraded products and services on May 13th. The new brand is designed to highlight progress made by the bank, which was removed last March from the FDIC's troubled bank list. In 2018, the bank realized its first year of profitability and growth in 10 years, according to a news release from Optus. "We purposefully delayed the name change until the bank was healthy, profitable and able to deliver on our brand promise," said Optus president and CEO Dominik Mjartan. "The progress we made in 2018 positions us to fully live our new brand."
Many bank executives are excited about the benefits created by Opportunity Zones. However, other banks are still wondering if participation in them is even feasible. CDBA's Jeannine Jacokes offers her insights in this special report from American Banker. The article also features CDBA members Dominik Mjartan of Optus Bank, Tom Nida of City First Bank, Adam Northup of Virginia Community Capital, and Bill Dana of the Central Bank of Kansas City, all of whom support stronger regulations for Opportunity Zone projects.
Dominik Mjartan, the new president and CEO of South Carolina Community Bank, hopes technological innovations can jolt the struggling bank back to profitability. By digitizing loan files via Sageworks and securing fintech partners to offer more technological solutions for customers, Mjartan hopes to transform the bank for modern needs.