Optus Bank
Optus Bank’s origins date back to 1921 when a group of visionary and courageous African American leaders founded Victory Savings Bank on the principle that all people should have access to the American Dream, not just those born into the “right” circumstances. We are committed to helping all people build wealth and improve their lives, regardless of their background or situation. We offer innovative ways to manage, move, save and borrow money for individuals and small businesses with the goal of ensuring that wealth building is not just for the wealthy. Unlike traditional financial institutions that seek to solely maximize the financial returns for their shareholders, we strive balance the needs of all stakeholders - our customers, communities, employees and shareholders.
Optus Bank is a federally designated Minority Depository Institution and a U.S. Treasury Certified Community Development Financial Institution.
Related News
The Federal Deposit Insurance Corporation (FDIC) today announced seven new members of the agency's Advisory Committee on Community Banking:
- Troy Campbell, President & CEO, Altoona First Savings Bank, Altoona, Pennsylvania
- Robert James II, Executive Vice President, Carver State Bank, Savannah, Georgia
- Trey Maust, Executive Chairman, Lewis & Clark Bank, Oregon City, Oregon
- Dominik Mjartan, President & CEO, Optus Bank, Columbia, South Carolina
- Arlen Osterbuhr, Chairman & CEO, Minden Exchange Bank and Trust Company, Minden, Nebraska
- Shane Pilarski, President & CEO, Alliance Bank, Francesville, Indiana
- Kim Reigelsberger, President, Preferred Bank, Rothville, Missouri
Composed of a cross-section of community bankers from around the country, the FDIC's Advisory Committee shares input on a broad range of community bank policy and regulatory matters. On May 3, 2022, the Advisory Committee will meet to discuss local banking conditions. FDIC senior staff will also provide updates on supervision and policy matters and the FDIC's Small Business Lending Survey.
A trio of investment funds established to inject capital into minority-owned banks and community development financial institutions share the same ambitious goal: eliminating the nation's racial wealth gap. To date, however, the collective impact of MDI Keeper's Fund, the Black Bank Fund and the Federal Deposit Insurance Corp.'s Mission-Driven Bank Fund has been limited. One big reason is that other sources of capital — namely, large banks and the federal government — are also making investments in minority depository institutions and CDFIs. The recent influx of cash — largely the result of big financial commitments to Black banks that followed the murder of George Floyd — means that some historically undercapitalized institutions don't need capital right now. M&F Bank and Optus Bank are mentioned.
In the wake of George Floyd's murder, JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and other large U.S. lenders began investing hundreds of millions of dollars in Black-owned banks -- an attempt to help meet the needs of underserved borrowers as systemic racism became part of the national conversation. More than a year later, executives at the Black-owned banks say the cash infusions have allowed them to increase lending and expand their staffs, giving support to the African-American community amid pandemic-era uncertainty. Still, while the funding has been useful, the lenders say they need additional investment to shrink racial inequality in financial services and ensure their longterm survival. The number of Black-owned banks has been cut in half over the past 20 years. CDBA members Industrial Bank and Optus Bank are mentioned.