Xenith Bankshares in Richmond, Va. has issued $8.5 million in subordinated debt and plans to use the proceeds to exit the Small Business Lending Fund.

The $993 million-asset company on June 19 issued unsecured 6.75% subordinated notes due 2025. Xenith said it will use the proceeds to redeem all of its 8,381 outstanding preferred stock in the U.S. Treasury Department's SBLF program.

Xenith issued the subordinated notes to EJF Capital in Arlington, Va., according to a regulatory filing.

SunTrust Robinson Humphrey was placement agent for Xenith on the notes offering. Bryan Cave was legal counsel to EJF on the transaction.

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