DMG Bancshares completes acquisition of California First National Bank

Irvine, Calif.-based DMG Bancshares Inc. completed its acquisition of California First National Bank on Feb. 26.

DMG Bancshares plans 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 multifamily, commercial and residential loans, according to a news release.

DMG Bancshares' 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.

Don Griffith is chairman and CEO of DMG Bancshares. The company's management team will also include Deborah Marsten as president and COO, David Dayton as CFO, Susan Wahba as chief risk officer, Jim Hackbarth as chief credit officer and Loraine White as director of human resources, according to the news release.

DMG Bancshares was represented by legal counsel from Skadden Arps Slate Meagher & Flom LLP and Duane Morris LLP. Keefe Bruyette & Woods provided advisory services to DMG Bancshares.