News Summary

Optus Bank, the first Black-owned bank in South Carolina, is expanding its operations to the Upstate region, focusing on providing opportunities for local residents. Under CEO Dominik Mjartan’s leadership, the bank has seen significant growth, attracting investments and building relationships with underserved clients. With the rise of digital banking, Optus Bank aims to create generational wealth for communities. The bank’s new headquarters in Columbia promises to enhance local revitalization, marking a strong commitment to serving low- and moderate-income neighborhoods.

Optus Bank Expands Its Reach in Upstate South Carolina

Columbia, South Carolina has reason to celebrate as a pioneering institution takes significant strides forward! Optus Bank, the very first Black-owned bank in the state, is expanding its operations to the Upstate region, promising exciting opportunities for local residents. Founded back on October 8, 1921, initially as Victory Savings Bank, Optus Bank has been dedicated to helping marginalized communities ever since, becoming a federally designated Minority Depository Institution. The bank’s commitment to serving those overlooked by traditional banks has earned it a stellar reputation!

Growth and Commitment

Under the leadership of its president and CEO, Dominik Mjartan, Optus Bank has been on an impressive trajectory. He has made it loud and clear that the bank focuses on supporting individuals with high potential who might be ignored by other financial institutions. This approach has allowed Optus Bank to attract hundreds of millions of dollars from across the country, showcasing its effectiveness in serving often-neglected community segments.

In recent years, the bank has been strengthening its presence in the Upstate, and this has really ramped up in the last year. Hiring a senior commercial relationship manager and lender based in Greenville has certainly played a role in this. Currently, Optus Bank is working closely with about 38 clients in the Upstate, providing them with loans and building even more banking relationships with other local clients. The bank is gearing up for exciting growth with expectations of significantly increasing its customer base in the coming months.

Digital Banking Revolution

So why is this expansion happening now? The answer lies in the digitalization of banking services! With more customers turning to digital banking for convenience, Optus Bank has been able to forge stronger relationships and create fewer barriers for individuals seeking loans and services. While Optus Bank does not have any immediate plans to open a physical branch in the Upstate, it may consider one in the future if demand continues to grow.

A Vision for the Community

Mjartan sees growth in the Upstate not just as a business opportunity, but as a golden chance to create lasting generational wealth for local communities. With Optus Bank headquartered in Columbia, it serves customers in all 50 states, reflecting its robust outreach and commitment to change.

A Comeback Story

Now, let’s take a trip down memory lane. Back in 2017, Optus Bank was facing severe financial troubles. The institution was losing staggering amounts of money each month and dealing with a high number of non-performing loans. Everything changed when Mjartan took charge. He invested his personal funds into the bank and focused on creating pathways for underserved borrowers, ultimately guiding the bank back to profitability. Under his leadership, Optus Bank saw its assets skyrocket by over 1,000%, while also raising an impressive $100 million in equity. Talk about a turnaround!

Community Focused and Expanding Horizons

During the pandemic, the bank’s adaptability shone through, expanding its customer base from just 500 to over 5,000. Corporate investments in diversity have played a pivotal role in this remarkable growth. In addition to its expanding clientele, Optus Bank recently made a smart move by purchasing a vacant building at 1710 Gervais St. for $2.6 million. This new headquarters is expected to occupy a prominent place in Columbia, revitalizing the area and further enhancing the local community.

With its unique community banking model and commitment to serving low- and moderate-income neighborhoods, Optus Bank is well on its way to becoming a cornerstone of support for individuals in South Carolina and beyond. The future looks bright, and the community can expect exciting developments ahead!

Deeper Dive: News & Info About This Topic

• Upstate Business Journal
• American Banker
• The State
• WIS News
• Google Search: Optus Bank South Carolina