Cap Markets

Summit State Bank in Santa Rosa, Calif., has exited the Small Business Lending Fund.

Pacific Mercantile Bancorp in Costa Mesa, Calif., has reached an agreement to swap about 3 million shares of common stock for all of its outstanding preferred stock and warrants.

Colony Bankcorp in Fitzgerald, Ga., has redeemed about 17% of its Troubled Asset Relief Program preferred shares for about $4.3 million.

Northwest Bancorp. in Spokane has raised $20 million from a private placement of common stock. Northwest plans to use some of the proceeds to complete its acquisition of Fairfield Financial Holdings, which was announced in late June.

Stewardship Financial in Midland Park, N.J., has issued $16.6 million in subordinated debt and plans to exit the Small Business Lending Fund program.

Premier Financial Bancorp in Huntington, W.Va., has received a $12 million loan from First Guaranty Bancshares in Hammond, La.

First Financial Bancorp. in Cincinnati has issued $120 million in subordinated debt and plans to use the proceeds for potential stock repurchases and to support growth.

Tri-Valley Bank in San Ramon, Calif., plans to raise $1.35 million in a private placement of its common stock.

SBT Bancorp in Simsbury, Conn., plans to raise about $7.5 million through a private placement of subordinated debt and $8.6 million through a public offering of common stock.

Federal Reserve Bank of Atlanta President Dennis Lockhart said he continues to expect the first interest- rate hike in nearly a decade this year, while cautioning that a stronger dollar, a weaker Chinese yuan and falling oil prices complicate the outlook.