TriState Capital Holdings (TSC) in Pittsburgh has raised $35 million through a private placement of subordinated debt.

The proceeds qualify as Tier 2 capital for the $2.5 billion-asset company. The notes, which are set to mature in July 2019, have a 5.75% fixed interest rate.

"This placement diversifies our sources of low-cost capital and enables us to fund continued growth without dilution to common shareholders," James Getz, TriState's chief executive, said in a press release. "Over our history, we've successfully accessed new capital as needed to fund TriState Capital's expansion, attracting over $357 million to date including this subordinated debt."

Stephens Inc. handled the placement. TriState did not identify the entity that bought the debt.

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