Hampton Roads Bankshares in Norfolk, Va., took another step toward filling a $275 million capital hole.

The $3 billion-asset company filed an exchange offer memorandum Monday with the Securities and Exchange Commission, commencing offers to exchange newly issued shares of common stock for outstanding shares of Series A and B preferred stock.

The exchange is one of the closing conditions for a $255 million private placement of common stock. The effort was led by Carlyle Group and Anchorage Advisors, two private-equity firms that each agreed to buy $73 million. The rest came from institutional investors.

To help facilitate the capital raise, the Treasury Department also agreed to take a 70.4% haircut on its $80.3 million investment under the Troubled Asset Relief Program.

Following the closing of the private placement, the company plans to conduct a rights offering to existing shareholders that could raise up to $40 million.

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