The deal, subject to approval from regulators and members, will add to Valley Strong's existing branch network and comes after several years of losses at Solano First.
DMG Bancshares, formed by banking veteran Don Griffith, wants to buy more West Coast banks. For California First, the sale ends a four-year period in which it substantially shrank its loan book after it was ordered to shed leveraged loans.
For the second time in three years, the Cleveland thrift has received a low score on its Community Reinvestment Act examination for making too few home loans in low-income communities.
Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians.
Members of two smaller institutions will soon vote on whether to join South Carolina-based REV, boosting its assets by 15% and giving it a foothold in North Carolina.
