Growth strategies

The unnamed investors will pay about $50 million for Northern California National Bank through a tender offer.

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.

The company would gain its first branches around Annapolis after it buys Severn Bancorp in a deal valued at $146 million.

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.

The bank's purchase of Sodak Home Loans in Sioux Falls, S.D., adds to a string of bank deals for mortgage lenders this year.

The company has agreed to pay $43 million for a bank with assets of $354 million.

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.

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.

Efforts to simplify business operations under incoming CEO Jane Fraser will cost a lot of money but will ultimately create a safer, more profitable company, Chief Financial Officer Mark Mason said.

Capital One Financial has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit card business.