DMG Bancshares Announces Acquisition of California First National Bank
IRVINE, Calif., March 3, 2021–(BUSINESS WIRE)– Don Griffith, Chairman and CEO of DMG Bancshares, Inc. (“DMG”), announced today that on February 26, 2021, DMG completed the acquisition of California First National Bank in Irvine.
DMG intends to build a West Coast regional community bank through organic growth and acquisitions. The bank will focus on relationship banking for entrepreneurs, developers, builders, and investors in each of its local markets. A key focus will be on private lenders, real estate developers and investors in sub institutional multi-family, commercial and residential loans.
DMG’s investor group is anchored by Stone Point Capital LLC and Reverence Capital Partners LLC, with roughly 45% of the approximately $170 million in formal capital commitments. The investor group brings a wealth of experience in banking acquisitions across the country.
This is Don Griffith’s fourth banking venture on the West Coast. His most recent venture, Grandpoint Bank, acquired 11 banks from 2010 to 2014 and grew into a $3 billion asset franchise
in Arizona, California and Washington before merging with Pacific Premier Bank in 2018. DMG’s management will be Grandpoint alumni, Deborah Marsten, President and COO, David Dayton, CFO, Susan Wahba, Chief Risk Officer, Jim Hackbarth, Chief Credit Officer, and Loraine White, Director of Human Resources.
DMG was represented by legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and Duane Morris LLP, and applied with the Federal Reserve and OCC in November and was approved in December and January, respectively. Keefe, Bruyette & Woods, A Stifel Company, provided advisory services to DMG.