Troubled or start-up banks that need a capital infusion should not bother calling Patriot Financial Partners LP in Philadelphia.

The 18-month-old fund has $300 million to invest in community banks, but so far it has deployed only a small fraction of it, because it is being very choosy, said W. Kirk Wycoff, a founding partner. It will consider buying stakes only in established banks in good markets with strong management teams and minimal asset-quality problems.

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