Triad Business Bank Confirms It Is “Party A,” Publishes Its Proposal to M&F Bancorp’s Shareholders After the October 7 Vote Did Not Approve the Optus Agreement, and Tells Them It Will Still Be There on October 21, Whichever Way the Vote Goes

Triad Business Bank confirmed it is 'Party A' from M&F Bancorp's proxy and published an open letter with its fourth acquisition proposal: $53.50 fixed cash per share (for up to 25% of shares) or 1.25 combined-company shares per M&F share. The proposal tops the Optus agreement's 'up to' $53.30 maximum, with none of Triad's cash contingent on the Series E preferred redemption, and preserves M&F's 1907 charter, Durham home office, and minority depository institution status. M&F shareholders rejected the Optus deal on October 7 and the meeting is adjourned to October 20.

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