Optus Bank rebuilding with a focus on its money’s mission
Dominik Mjartan become president and CEO of what would become Optus Bank, an organization with a historic but rocky past, in September 2017. The bank, founded in 1921 as Victory Savings Banks and then known as S.C. Community Bank, was at its lowest point, reeling from the Great Recession of 2008, mired in a mess of non-performing assets and on the Federal Deposit Insurance Corp.'s troubled bank list. How the bank got from there to record assets, a swanky new downtown headquarters and a swelling sense of optimism involves the commitment of long-time believers — and their money — along with an infusion of fresh capital from new converts. “We need to make sure that economic opportunities are present and folks can improve their lives and make good choices for themselves,” Mjartan said. “I think every person should have a fair chance to earn a good living or to build a business or buy a house.” Optus’ remarkable turnaround bears out Mjartan’s belief. Since year-end 2016, the bank’s total assets have grown 51% to $80 million, up from a low of $47.8 million in September 2017, when Mjartan took over. Total deposits have grown to $71.2 million, a 50% increase since year-end 2016 and up from a low of $41.5 million.