DMG Bancshares Announces Acquisition of California Very first National Bank | Enterprise & Finance

DMG intends to develop a West Coastline regional group financial institution by means of organic progress and acquisitions. The bank will aim on connection banking for business owners, developers, builders, and investors in each and every of its area marketplaces. A essential target will be on non-public creditors, real estate developers and investors in sub institutional multi-family, professional and residential loans.

DMG’s investor group is anchored by Stone Point Cash LLC and Reverence Money Associates LLC, with approximately 45% of the about $170 million in official money commitments. The trader team delivers a prosperity of encounter in banking acquisitions across the state.

This is Don Griffith’s fourth banking venture on the West Coastline. His most recent venture, Grandpoint Lender, acquired 11 banks from 2010 to 2014 and grew into a $3 billion asset franchise in Arizona, California and Washington in advance of merging with Pacific Leading Lender in 2018. DMG’s administration will be Grandpoint alumni, Deborah Marsten, President and COO, David Dayton, CFO, Susan Wahba, Chief Risk Officer, Jim Hackbarth, Chief Credit score Officer, and Loraine White, Director of Human Sources.

DMG was represented by legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and Duane Morris LLP, and used with the Federal Reserve and OCC in November and was approved in December and January, respectively. Keefe, Bruyette & Woods, A Stifel Enterprise, provided advisory providers to DMG.

Keyword: CALIFORNIA UNITED STATES NORTH The usa

Industry Search term: BANKING Skilled Expert services FINANCE

Supply: DMG Bancshares, Inc.

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PUB: 03/03/2021 11:00 AM/DISC: 03/03/2021 11:01 AM