Cap Markets

Mark Simmons, a seasoned commercial lender, is planning to open a bank in California’s Orange County that is dedicated to making loans to businesses. Core Commercial Bank, expected to be the state’s first de novo since 2008, would jump into a market where commercial lenders are plentiful — and aggressive.

Huron Valley State Bank in Milford, Mich., plans to raise as much as $5 million to grow its two-branch business.

Blue Ridge Bankshares in Luray, Va., has issued $10 million in subordinated debt and plans to exit the Small Business Lending Fund.

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.