Cap Markets

The $1.2 billion-asset company has redeemed the $10.9 million of preferred shares held by the U.S. Treasury Department, plus accrued dividends.

The New York firm on Thursday sold 3 million voting shares in the $9.4 billion-asset United Community to Morgan Stanley, which acted as the sole underwriter on the offering.

First Resource Bank in Exton, Pa., has redeemed most of its Small Business Lending Fund preferred shares.

California regulators have approved a request from private-equity firm Carpenter & Co. to raise capital for a new state-chartered bank.

Avidbank Holdings in Palo Alto, Calif., has raised $12 million through a private placement of debt.

More banks are looking to buy commercial loans for reasons ranging from a dearth of organic opportunities to a need to diversify their asset mix. That surge in demand is creating an imbalance that benefits banks that have been able to make more loans.

LegacyTexas Financial Group in Plano will issue $75 million in subordinated debt for potential acquisitions and other uses.

The private equity firm founded by Eugene Ludwig has sold about 6% of its stake in Seacoast Banking Corp. of Florida for $7.3 million.

Entegra Financial in Franklin, N.C., has adopted a plan to preserve the value of about $12.2 million deferred tax assets.

Coastal Banking in Beaufort, S.C., has redeemed stock that it originally issued as part of the Troubled Asset Relief Program, after it obtained a $10 million loan.