Finance

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.

The Debit Network Alliance last week officially launched its shared application identifier (AID) for EMV debit routing, but merchants likely won't be in any rush to implement the technology despite the fast-approaching Oct. 1 liability shift.

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.

Cecil Bancorp in Elkton, Md., has been ordered by federal regulators to raise more capital or sell itself.

Blue Valley Ban Corp. in Overland Park, Kan., has named an executive from a large investor in the company to its board.

Market Street Bancshares in Mount Vernon, Ill., has completed a $15 million debt offering.

Esquire Bank, a Garden City, N.Y., bank that specializes in financial services for law firms, has raised $19.1 million in a private placement of common stock.

Bankwell Financial Group in New Canaan, Conn., has issued $25.5 million in subordinated debt and it plans to exit the Small Business Lending Fund program.

Activist investor Joseph Stilwell is demanding that Carroll Bancorp in Sykesville, Md., pick up the pace on stock buybacks.

The recapitalization will allow City National Bank to continue as a certified Community Development Financial Institution, the bank said.

The $120 million-asset mutual thrift filed its application with federal regulators this month. Citizens expects the formation to be completed by the first quarter, Chief Executive Tommy Johnson said in an interview.

The Office of the Comptroller of the Currency has promoted Amrit Sekhon to deputy comptroller for capital and regulatory policy.

FNBH Bancorp in Michigan has been unable to make an important move without its primary regulator's OK in the six years since its nonperforming assets hit double digits. It's an extreme example of the tension between past problems and future visions that freezes many banks.