Optus Bank Establishes New Headquarters on Gervais Street

News Summary

Optus Bank has purchased a 22,500 square foot building at 1710 Gervais Street for $2.6 million, intending to establish its new headquarters. This move promises to revitalize the area and support the local economy. As South Carolina’s first Black-owned bank, Optus Bank aims to enhance its services and empower marginalized communities. It has experienced remarkable growth, increasing its assets by 1,000% since 2017 and expanding its customer base significantly. The new headquarters represents a bright future for both the bank and the Columbia community.

Exciting Transformation on Gervais Street: Optus Bank Sets Up New HQ

Columbia is buzzing with recent news as Optus Bank has made a significant move, purchasing a vacant building at 1710 Gervais St. for a cool $2.6 million. This building, which spans a whopping 22,500 square feet, is set to become the bank’s shiny new headquarters right near the University Hill neighborhood. Following a renovation in 2017, the property has been waiting patiently for new occupants since late 2020, and now it’s about to get a thrilling makeover!

Revitalizing the Community

The announcement of the new headquarters is more than just exciting for Optus Bank; it’s also a victory for the Columbia community. As the bank prepares to breathe new life into this building, it’s a step towards revitalizing the area. The bank plans on utilizing this space to better serve its growing customer base, which is especially significant given the important role it plays in the local economy.

The Legacy of Optus Bank

Did you know that Optus Bank is South Carolina’s first Black-owned bank? Established back in 1921 as the Victory Savings Bank, it rebranded in 2019 to reflect its commitment to helping those who are often overlooked by traditional banks. The first branch opened at 1107 Washington Street, right in the heart of Columbia’s historic Black business district. Today, the bank proudly holds the designation of a Minority Depository Institution, providing capital loans and vital financial services to marginalized communities.

Leadership and Growth

Under the guidance of President and CEO Dominik Mjartan, Optus Bank is focused on lifting up high-potential individuals who have, until recently, faced barriers in accessing financial resources. Whether it’s providing loans or assisting with financial literacy, the bank’s mission is clear: to foster lasting generational wealth. And it seems to be working! Since 2017, Optus Bank has enjoyed an astonishing 1,000% increase in assets and has raised over $100 million in equity.

Furthermore, the bank’s success wasn’t just limited to Columbia. Optus Bank has seen a noteworthy expansion in the Upstate region, especially after hiring a senior commercial relationship manager in Greenville. Currently, they serve approximately 38 customers in the Upstate, focusing on generating more loans and banking relationships. While there are no immediate plans for a physical location in the Upstate, the team is keeping an open mind for future possibilities, depending on demand.

Looking Ahead

The move to a new headquarters comes at an exciting time as Mjartan prepares to transition from the role of CEO to vice chairman of the bank’s board. Benita Lefft is ready to step up to the presidency, supported by a strong executive team, including Chief Credit Officer Reginald Webber and Chief Financial Officer Javier Espido.

Optus Bank’s growth has surged even amid the challenges posed by the COVID-19 pandemic, expanding its national customer base from 500 to over 5,000. This boom was aided by government relief programs and a heightened focus on diversity initiatives following recent social movements. It’s chalking up firsts, too—with successful dividend payments totaling nearly $10 million for the first time since 2006!

A Bright Future for Optus Bank

From a near shutdown during the financial chaos of the Great Recession to a now flourishing institution, Optus Bank has successfully transitioned from a point of crisis to profitability, proving that with hard work and dedication, anything is possible. As they gear up for this wonderful new chapter at Gervais Street, the team remains committed to their core mission: to provide equitable banking services and ensure financial empowerment to all community members.

Columbia, keep your eyes peeled for more updates on this exciting project as Optus Bank paves the way for a brighter future!

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Additional Resources

• The State News
• American Banker
• Columbia Business Report
• WIS TV
• Google Search: Optus Bank