VantageSouth Bancshares (VSB) in Raleigh, N.C., has sold $38.1 million in subordinated debt.
The notes were sold to accredited investors, the $2 billion-asset company announced Wednesday. Sandler O'Neill was the placement agent.
"The subordinated debt improves our liquidity and diversifies our capital base with a cost-efficient form of regulatory capital," Terry Earley, VantageSouth's chief financial officer, said in a news release.
Crescent Financial Bancshares acquired VantageSouth Bank last fall, and in late July adopted the VantageSouth name and changed its ticker symbol to "VSB," according to the company's most recent quarterly report. It earned $3.7 million in the second quarter, compared with $338,000 in the same period of 2012.
On April 1, VantageSouth completed its acquisition of ECB Bancorp in Engelhard, N.C.